Trading Risk May 2018

Oppenheimer Funds is looking to hire personnel for a new broader ILS offering to complement its existing cat bond strategy, according to sources.

Zurich-based ILS manager Plenum has grown its assets under management (AuM) by almost 40 percent since the start of the year, to reach $355mn at the end of April.

NCM Re's expansion will depend on how much business the insurer writes itself, said Mark Gibson, the company’s alternative capital director.

Reinsurance rate increases fell short of expectations after hurricanes Harvey, Irma and Maria (HIM), but this could change if the market endures further major losses in 2018, panellists said at the Trading Risk London ILS conference.

Cat bond volumes are expected to expand by 20 percent in 2018 in the aftermath of last year’s losses, Fermat Capital wrote in an ILS market update distributed by GAM.

Florida-based insurer UPC has inked several large deals with major ILS managers Nephila, Elementum and Aeolus at the 2018 reinsurance renewal.