Hiscox
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023. -
Allocators are waiting for 2024 to pan out, according to Hiscox CEO Aki Hussain.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
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Curtis Dickinson will help to oversee the strategy and vision of Hiscox Re & ILS.
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The consortium will offer up to $50mn of per-program capacity.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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CEO Hussain said third-party capital in 2023 remained flat.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The ILS sector grew in the context of 0% interest rates historically.
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Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
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Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
