Casualty/GL
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The transaction complements its previous acquisition of RMS in 2021.
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The casualty ILS platform said it now expects to do more secondary transactions.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The firm says it has condensed the securitisation process into weeks rather than months
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After raising around $150mn to open its Nanorock fund, Ledger Investing believes casualty business is set to capture more investor interest.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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Nearly 80% of respondents said underwriting capacity decreased in the quarter.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
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Alternative capital reduced by around $3bn in H1 2020 due to trapping.
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P&C (re)insurers are in a stronger position than peers in the life insurance market, according to S&P.
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Social inflation is not just a Florida issue – it's also top of mind in the casualty market.
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Terry Ledbetter will be replaced by president Matthew Freeman from 1 January 2020.
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The start-up is the first Insurtech to be listed as a member of the new block chain initiative.
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Merion Square will invest in property and casualty insurance, annuities and mortality-related ILS products.
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Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.
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Human behaviour now has a smaller role in determining pricing, according to the broker's president and global head of casualty.
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The reinsurer has created a new P&C partners unit encompassing its retro and third-party capital strategies as well as insurtech ventures, underwriting management and product development.
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A court of appeal in Florida has said assignment of benefit rights can be split between multiple parties.
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AIR Worldwide and RenaissanceRe said they are collaborating to develop a probabilistic model for extreme liability events.
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A group of sidecars tracked by Trading Risk took losses of 13.0 percent on average between July and October as the fallout from hurricanes Harvey, Irma and Maria took its toll
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Simon Burton, the new CEO of Greenlight Re, said the reinsurer is now looking to enter the subscription market, having focused traditionally on a small number of closed client relationships
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