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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina. -
The buzz in the air at ILS Connect told of a market entering its next growth phase.
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The initial offering will include 6,875,000 shares of common stock.
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The carrier is offering shares priced at $29-$31.
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The casualty ILS business now has $175mn in capital.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
