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A group of ILS funds tracked by Trading Risk produced more robust returns in Q3 compared to last year’s third quarter, despite Typhoon Faxai and Hurricane Dorian.
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New Zealand’s sovereign wealth fund posted a 2 percent drop in its ILS holdings over its financial year while Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec invested $500mn in a new insurance investment platform.
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Access to risk has been the biggest driver of M&A deals for independent ILS funds, TigerRisk Capital Markets & Advisory co-CEO Jarad Madea said at Trading Risk’s conference in New York last month.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
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Aon’s Dominic Christian says a 35 percent cost base for the (re)insurance industry is not sustainable.
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The sovereign wealth fund held NZ$351mn ($236mn) in the asset class at 30 June.
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The New Zealand Government Superannuation Fund’s ILS holding has dropped to 5.5 percent of total assets.
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The platform will invest in P&C and life companies seeking growth capital, and stronger ratings and scale efficiencies.
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The sovereign wealth fund’s allocation to its alternatives portfolio fell in percentage terms as the fund grew overall.
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The availability of new capital – or the lack thereof – was a hot topic at the Monte Carlo Rendez-Vous.
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The RBS pension scheme increased its allocation to insurance in 2018, including catastrophe and life insurance risks, according to its most recent annual report.
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The allocation to ILS was 5.4 percent of the fund’s $7.4bn assets at the end of 2018.