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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday. -
The Bermuda reinsurer has been active in ILS since launching in 2007.
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The sidecar will support five programs providing specialty frequency coverages.
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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 tech firm is building a joint stock company with insurers and 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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It is understood that CyberCube has been considering a sale of the business.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Michael Hamer recognised for his work with investors and on reporting frameworks.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The $2.59bn renewal is up 45% from last year.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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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.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The investors are led by PE firm NMS Capital Group.
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Two ILS funds featured in the top five asset-raisers within the index.
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The departures include North American Arcas head Alex Orloff.
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The start-up has achieved an A- credit rating from AM Best.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Barthelemy Thomas joins from PartnerRe Capital Management in Zurich
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The reinsurer added two new tranches to its 2025 issuance.
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The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.
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Graeme Bell (pictured) will continue in his role as group legal officer.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The broker anticipates strengthening investor demand for collateralised re.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The company no longer has any exposure to reinsurance contracts.
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Everest is in the process of transforming its ILS offering.
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The reinsurer said investors were interested in expanding after benefiting from good results.
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Magnani has served for more than 14 years in ILS broking roles.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Former ILS investors who left the space have looked again and re-allocated.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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Management track record has been a factor in capital raising for 2025.
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The start-up has secured BMA approval as it looks to a 1 January kick-off.
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Shareholders are voting to approve being wound up on 18 December.
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Strong growth in fee income builds on the favourable rating environment.
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The fund will be denominated in US dollars and digital currencies.
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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.
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The capital being returned to shareholders is part of a compulsory partial redemption.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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The company’s reinsurance premiums ceded fell by 58% to $149mn.
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The deal would represent a diversifying auto risk deal.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The company is monitoring the NFIP’s flood-exposed bonds.
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The Canadian pension plan put its Lloyd’s portfolio under review earlier this year.
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The raise includes minority investments from Nationwide, Enstar and others.
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The manager is hopeful of closing all contracts by the end of 2024.
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Maya Henry will be tasked with raising capital and managing clients in North America.
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Floir approved nearly 650,000 policies for takeout from Citizens for October and November.
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The new commingled fund will target investors with $5mn or higher potential investments.
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ILS brokers are pitching for Sanders Re and ResRe transactions.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one.
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The board of directors has voted for a 10% rate hike.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The reinsurer raised $84.5mn of third-party capital in the quarter.
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The firm has observed a “more widespread investor base” in cat bonds.
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Availability of ILS has so far fulfilled investor demand.
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Benefits of ILS smart contracts include transparency and tradeability.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.
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Sébastien Bamsey joins from JP Morgan, where he has worked for 18 years.
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Schmidt will lead Markel's Global Strategy team and work with Nephila.
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Park assumed the role earlier this month.
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Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The Florida portion of the program provides $1bn in protection.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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The program includes all perils coverage and third-event protection.
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The former Everest executive will look to roll out a range of new product lines at the MGA.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The platform distributed ~$50mn to investors for 2023.
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The carrier closed its Sussex Diversified Fund in October last year.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The vehicle’s loss ratio improved 66 percentage points YoY.
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The firm was founded in 2015 to help clients raise capital.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The ILS platform ceded around 40% of its total managed premiums of $1.8bn.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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The allocation last autumn amounted to around 1.4% of the investment manager’s total funds under management.
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Leadenhall Capital Partners (LCP) has named Yuko Hoshino as senior managing director for Japan and Asia within its business development team.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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The executives will look to bring the company’s full suite of products to clients.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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ILS managers are still waiting for hard market growth.
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CatX said it is already working with institutional investors, including pension funds.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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Layr claims its platform can help brokers serve up to 6x more small business clients.
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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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Bernard Opoku will replace Jeff Sangster as CFO effective 1 October.
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Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
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The rating follows a $25mn debt financing for the company in June last year.
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A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
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Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
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The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.
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The SPAC has undergone a dramatic shift in strategy since it first listed on the London Stock Exchange.
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Since 2020, Vesttoo has quoted 96 and closed 65 transactions with collateral totaling roughly $3.9bn, according to a court filing.
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Radford joins after spending two years at Aon’s Capital Advisory business.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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The ratings agency said there had been no capital inflows through new company formations.
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The (re)insurer also appointed Thomas Deane as head of investment banking.
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The broking firm’s (re)insurance market update said growth in alternative capital is a now a permanent feature of the market.
