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Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue. -
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C shareholders in the Catco Reinsurance Opportunities Fund, who are not exposed to the 2017 losses, saw a return of 6.31 percent for H1 2018 amid low catastrophic activity during the period.
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The pension fund’s ILS holdings reached $564mn at 31 December 2017, according to a Securities and Exchange Commission filing.
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The Bermuda-based company said a smaller capital base and greater cessions to third-party reinsurers led to the decrease.
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The carrier also signed up 50 percent more investors during the July renewal.
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Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.
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Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.
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ILS investors have shown that they’re not going to run from disaster losses.
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The retro manager said the ordinary shares in its London-listed Reinsurance Opportunities Fund had gained 0.5 percent in June, trailing the 1.1 percent return from its new share class launched for 2018.
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The fundraise comes as the firm is hiring to expand its ILS strategy.
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The cat bond fund had invested in loss-struck ILS deals in 2017.
