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The New York-based asset manager received an increased level of requests for redemptions from investors in its Reinsurance Risk Premium Interval Fund this quarter.
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Third Point Re ended 2018 with a quarterly net loss of $298mn after suffering a net investment loss of $276.8mn.
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The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.
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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.
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Most investors in Markel Catco are expected to take up an offer to redeem their shares, as the platform further increased its loss reserves for 2017 events and had its value written down to zero by parent company Markel.
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Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.
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Arguably the single biggest challenge to face reinsurers attempting to attract third-party ILS capital is nothing to do with engaging in fundraising, estimating monthly valuations, or any of the operational facets of asset management.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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Regulatory investigations can move at a snail’s pace.
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The new fund will invest 80 percent of its assets in ILS across various risks and regions.
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The legal action follows losses in share value resulting from regulatory probes into Markel Catco.