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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle. -
The cedant’s current deal is due to mature at the end of January 2026.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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Mory Katz joined the broker earlier this year.
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The funds will combine credit and ILS holdings.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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Improved performance and growing investment returns played a role in the upgrade.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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Charles Mixon joined the firm a year ago in a business development role.
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The resource was developed by leading ILS managers and investors.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The sidecar will support five programs providing specialty frequency coverages.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The volume of property cat aggregates placed grew 50% in 2025.
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The vehicle will be capitalised by an asset manager with more than $100bn in AuM.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The investment bank had stopped offering ILS services last September.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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Market participants have until 13 October to provide any comments.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Cat bond broking growth contributed to 6% organic growth in reinsurance.
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The consultation period around UK ISPVs was opened in November last year.
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He replaces Andrew Hughes, who held the role since 2021.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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Matthew Towsey has spent 14 years at Aon.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The third-party capital manager is a new entrant to the retro space.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
