Fermat Capital Management
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Brokers expect strong competition at remote risk layers at the 1 January renewal. -
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 ILS manager leaderboard demonstrates the ongoing popularity of cat bonds.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
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The cat bond market has benefited from hardening rates and more remote structures.
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The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.
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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.
