AlphaCat Managers
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The deal freed up capital held against deals written in 2019 and 2020. -
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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Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
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The ILS executive is departing the ILS platform following RenRe’s move to buy Validus Re for ~$3bn.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The ILS unit earned $5mn of fee income, down by $1mn year on year.
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Some firms have fared better than others in the competition to raise funds during the year.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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AlphaCat will lose a mandate worth a few hundred million dollars as part of a broader pivot on alternatives from the pension fund.
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