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The Canadian pension fund and the ILS fund provide Funds at Lloyd’s capital alongside traditional reinsurers.
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Just a few months into 2021, the first natural-disaster headlines of the year are already occupying the minds of ILS insurance risk-takers. The snowstorms that brought freezing conditions to Texas will be a challenging event to evaluate for a number of reasons.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
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It will also encompass impact investment manager BlueOrchard, although the microfinancier will keep its independent identity.
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ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses.
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The manager says cedant demand is growing for larger transactions.
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The report also found that reinsurance capital increased by 7% to $658bn.
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The move is part of a wider strategic effort by the broking goliath to quantify the value of intangible assets.
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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
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The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
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The Indiana Public Retirement System (INPRS) added $75mn of capital to an existing mandate with Aeolus's Keystone funds in January, according to reports.
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Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.