Credit Suisse Insurance-Linked Strategies
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds. -
The firm said a process to try to sell the insurer was underway.
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The syndicate’s net earned premium halves to £34mn.
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The move gives Credit Suisse a UCITS cat bond fund alongside its existing ILS products.
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The ILS manager is in cost-cutting mode as assets shrink, but the run-off may lead other ILS managers to reconsider their tactics with rated platforms.
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The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The pullback from incumbent backer Credit Suisse is influenced by concerns over returns against a long-term capital lock-in, as the manager’s AuM has shrunk.
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The departures follow a review of the Credit Suisse-backed firm’s underwriting strategy which will see it focus on bigger lines across a smaller client set.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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AM Best said Kelvin Re and Humboldt Re were targeting lower levels of underwriting risk in 2020.
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Credit Suisse has been reshaping its ILS team after transferring reinsurance underwriting to its Bermuda-based platform Bernina Re.
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