AlphaCat Managers
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The group-level cat impact to the combined ratio improved 0.3 points to 1.8. -
Third-party assets under management were up $100mn in Q1 at $3.6bn.
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AIG took losses of $28mn for the year from its holding in AlphaCat managed funds.
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The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.
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AIG has disclosed that AlphaCat’s AuM was $3.5bn as of 30 September, down by $300mn from the $3.8bn reported for Q1 2021, and 17% from $4.2bn a year ago.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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The portfolio manager had been with the firm since 2018, with incoming CUO Adam Szakmary expected to take up his responsibilities.
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Parent AIG’s cat losses remained elevated in line with the prior-year Covid-19-impacted quarter.
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The executive had previously worked on Montpelier’s Blue Capital before his four-year stint at Hiscox Re.
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Parent company AIG posted an underwriting loss for the period.
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Fee income stayed flat but AIG's share of AlphaCat investment results dropped.
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Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
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