Fermat Capital Management

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.

The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.

The ILS manager leaderboard demonstrates the ongoing popularity of cat bonds.

Liquidity is a key driver of investor activity.

Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.

Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.

The cat bond market has benefited from hardening rates and more remote structures.

The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.

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.

The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.

The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.