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The reinsurance fund has ramped up in recent years to $700mn-$800mn.
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The fund’s net assets shrank by $4.4mn over the period.
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The fund’s ordinary shares added 0.85 percent during the month.
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The fair value of AP3's ILS portfolio rose by 10.7 percent to $560mn at year end in 2018.
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It is “probably one of the best times to invest” in ILS, according to Leadenhall Capital Partners CEO Luca Albertini.
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ILS investors were more frustrated by extended loss creep last year than by the overall hit, according to Michael Knecht of Siglo Capital Advisors.
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Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
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Shortfalls in retro capacity are not impacting all vehicles, said Tangency Capital co-founder Michael Jedraszak.
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Market participants have welcomed Lloyd’s plans to attract ILS capital but emphasised that cost reductions will be key to making them work.
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The New Mexico Educational Retirement Board pension fund invested in ILS via ILS Capital Management.
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Massachusetts Pension Reserves Investment Management (MassPRIM) appears to have lifted its allocations to ILS managers Aeolus and Markel Catco for 2019, despite taking losses in its first year of investing in 2018.
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The insurer kept its participation in the state reinsurance scheme stable at 45 percent.