Hiscox Re Insurance-Linked Strategies
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Strong growth in fee income builds on the favourable rating environment. -
The firm sees a "robust" pipeline of potential investors ahead of the renewals.
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The class of 2023-24 cat bond funds will grow existing investors and add new ones.
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The CEO cited ‘no change’ in appetite from a shift in the capital mix.
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Fee income at the Re & ILS division grew by 58% to $44.3mn in H1.
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He left his role as portfolio manager at Hiscox Re & ILS last year.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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The Australian sovereign wealth fund first allocated to the ILS manager in 2016.
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Hiscox said outflows from the ILS unit were offset by "record returns" in Q3.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
