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Enstar and a Canadian pension fund also back the venture, which is going through Lloyd's planning. -
The increase was largely driven by successful capital raising, large numbers of maturities and fewer new issuances to replace them.
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The start-up says it is targeting a mid-teens return on equity and an A- rating from AM Best.
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The sting could be in the tail for reinsurers dropping agg risk.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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The Nephila co-CEO said he is not doing "backflips" over rate increases due to increased loss costs.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
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The Lloyd's (re)insurer will deploy some of the funds to build its US onshore presence.
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RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
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Kettle will operate as an MGA and “micro-reinsurer”, and sees itself as part of a new wave of InsurTechs.
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The executive has begun sounding out investors about a retro offering.
