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Two Swiss pension funds took losses of 8-9 percent from their ILS holdings following last year’s catastrophe events, but the losses have not put off new local funds entering the asset class. -
The London-listed Blue Capital Alternative Income Fund reported a 2.62 percent drop in net asset value (NAV) for the month of March, due to spiralling Hurricane Irma losses.
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Michigan lifts ILS; AP3 increases ILS
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First quarter returns from a group of ILS funds tracked by Trading Risk have improved year on year as the market gained ground after last year's losses.
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Scor Investment Partners' ILS assets under management reached $1.44bn at the end of February, putting it among the half dozen managers outside the industry's top 10 players with a scale of above $1bn.
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Stone Ridge was a leading supporter of some of the new sidecar vehicles that emerged at January's renewal, including Sussex Capital and deals from MS Amlin and Chaucer.
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UPC's Armor Re II cat bond has priced 17.7 percent below the midpoint of the initial spread guidance at 350 basis points (bps).
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Lane Financial's ILS rate-on-line index dropped by 9.5 percent in the first quarter, marking a softening to the initial rating spike that took place after last year's hurricane activity.
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Louisiana Citizens Property Insurance Corporation has launched a $100mn Pelican Re cat bond .
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Stone Ridge's two reinsurance funds combined total net assets increased by 10 percent to reach $6.72bn at 31 January, according to Securities and Exchange Commission (SEC) filings.
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Ontario Teachers' Pension Plan's ILS investments were at least C$300mn in 2017, as its net assets grew by 7.92 percent year on year to reach C$189.5bn ($150.72bn).
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Swiss Re has said Japanese internet and telecoms investor SoftBank is not expected to take more than a 10 percent stake in the carrier.
