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Parent company AIG posted an underwriting loss for the period. -
Investor interest in the asset class should continue through 2021, but the firm has stepped back its outlook from an “overweight” recommendation.
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The move follows the company hiring new InsurTech partner Adrian Jones last month.
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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.
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The executive, who was confirmed in her role earlier this month, bought 19,950 shares at the IPO price of 500 pence per share.
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The move marks its second fundraise after an initial allocation from Canada’s PSP Investments in November.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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The deal is the carrier’s fourth ILS transaction of 2020.
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The 12 Days of ILS Christmas
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The carrier’s long-standing client Alfa has become an equity investor.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
