Elementum Advisors
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025. -
Samild held multiple roles including head of alternatives at the Future Fund.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
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He will be based in the Bermuda office and work to develop the underwriting associates.
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The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
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DeCaro is one of the cohort of pioneering ILS managers.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The fund’s allocation to ILS decreased for the first time in three years.
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The Elementum executive told Trading Risk New York that “appropriate returns” over time were the key to a sustainable ILS market.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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All five new partners will retain their existing roles alongside their new responsibilities as partners.
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The insurance conglomerate initially committed $50mn to Elementum funds.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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Shabnam Ahmed joined the firm in October 2020 to build up its portfolio and train junior underwriters.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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The manager’s Bermuda and Chicago teams have been boosted in recent months.
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Lauer and Bean work in operations and Denny on the investment side.
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The addition follows the launch of a new high-risk strategy earlier this year.
