Brit
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The Sussex Capital ILS platform managed $440mn at its 2019 peak. -
The partnership will add more capacity on the platform from April.
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The carrier closed its Sussex Diversified Fund in October last year.
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The underwriter will report to Kristina Maffit.
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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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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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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 company’s Syndicate 2988 exited direct property business.
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The carrier’s Ki syndicate made an underwriting profit.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The former Peak Capital and AlphaCat exec will take on a general investor relations role, while Kitade will focus on business development in Asia.
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