Fermat Capital Management
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The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology. -
The figures include funds managed by ILS manager Fermat Capital Management.
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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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The firm, which markets Fermat-managed ILS funds, did not specify the size of the new investor commitment.
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“Pass-through” tax status would help SPIs issue US-based ILS, Joanna Syroka said.
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Seo and Millette both expressed optimism about inflows into ILS over the coming months.
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John Seo noted the diversification benefits ILS offers in tumultuous times as cat bond segment avoids spillover from market turmoil.
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Models need to be the start of the analysis not the end, Fermat boss John Seo said at Trading Risk’s event in New York.
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Avoiding a “bucketing” approach to risk-taking will help the ILS industry fill in the insurance protection gaps, according to Fermat managing director John Seo.
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The reinsurer helped Fermat to write $100mn for the Florida state reinsurer’s 2019 cover.
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Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
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The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.
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