Commercial E&S

Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.

Market participants have welcomed Lloyd’s plans to attract ILS capital but emphasised that cost reductions will be key to making them work.

The buyer expects to pay about £102mn ($134.7mn) in cash for Beaufort Underwriting Agency and its Syndicate 318.

The ILS manager is likely to revisit plans to launch full syndicate at a later stage.

Hurricane Florence may cost (re)insurers between $4.5bn-$4.8bn, according to an estimate from Credit Suisse Insurance Linked Strategies.

A marked-down trade of the $500mn Floodsmart Re 2018-1 cat bond may have been cancelled.

Flood risk concerns could mean more drain on the public purse to pay for damages via the NFIP.

This is the first major deal under the leadership of Brian Duperreault and transfers Validus Re, AlphaCat and Lloyd’s platform Talbot to AIG.

The London-listed carrier is said to be looking for both ILS and Names money to support the growth of its facilities-only special-purpose arrangement for 2019.

Elementum Advisors has launched a new commingled fund which allows its investors to participate in insurance portfolios underwritten by a select group of MGAs, Trading Risk can reveal.

Securis-backed Special Purpose Arrangement (SPA) 6129 made a loss of £31.4mn ($44.2mn) in 2017 following the year's major catastrophe losses.

AIG's massive balance sheet could be an advantage to AlphaCat in giving it the leverage to target the insurance market, which few ILS funds have yet attempted on a significant scale.