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The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.
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Interim CEO Kevin Rehnberg was confirmed as CEO following Mark Watson’s resignation in November last year.
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Youssef Sfaif has worked at the Dutch pension fund since 2017 and was most recently an associate director.
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Third-party investors recorded a $2.6mn underwriting profit for the year. -
The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The deal's spreads are in line with those on the 2019 FloodSmart deal, with slightly higher multiples of premium to risk.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The sovereign wealth entity has taken an equity stake in the Bermuda (re)insurer after also building up an ILS portfolio in the past year.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The bond giant's ILS strategies have now reached $150mn.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
