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Stress-test numbers were increased to 112, including scenarios of losses in multiple years, up from 105. -
Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The fund is on course for its strongest year of returns since inception in 2014.
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The IOP will be integrated into the Open Protocol reporting template.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
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Ambassador was set up in 2021 with Embassy Asset Management the named investment adviser.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The pension fund is seeking a strategy with “low or negative correlation to public equity”.
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The firm has moved to defend its plans against a rival strategy supported by a small group of investors.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
