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Danish pension fund PKA is to close its ILS strategies and will no longer have any investments in the sector at the end of 2019, a spokesperson for the fund told Trading Risk.
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The North Yorkshire Pension Fund upped its ILS investments while the BBC Pension Scheme pulled back.
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ILS funds posted gains in June and July, clawing back four consecutive months of declines, according to the Eurekahedge ILS Advisers Index. -
It holds $241mn in catastrophe reinsurance after lifting its allocation in 2018.
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The fund now has £159.4mn allocated to ILS through Leadenhall Capital Partners.
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The scheme now holds £41.2mn via Securis, compared with £98.1mn last year.
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The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
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The fund can meet the demand for ESG investments while at the same time providing a commercial return, advisors Global Parametrics said.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates.
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Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
