ILS managers
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The CEO cited ‘no change’ in appetite from a shift in the capital mix.
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The manager is looking to buy positions on the secondary market.
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The ILS manager leaderboard demonstrates the ongoing popularity of cat bonds.
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Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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This is lower compared to 8.2% recorded by the index in H1 2023.
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DeCaro is one of the cohort of pioneering ILS managers.
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The Swedish fund AP2 invests in Fermat GAM, Elementum and Credit Suisse.
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Sub-1% management fee and performance fee-only structures have evolved in ILS.
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The regulation now allows pension funds a more flexible benchmark for measuring alternatives.
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The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Combined AuM of UCITS funds stood at $11.3bn as of 26 April 2024.
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The pension fund’s ILS allocation as of the end of 2023 was CHF300.3mn ($356.8mn).
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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The Guernsey legacy carrier is working with an independent valuer.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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The bond will provide protection from named storms in Florida for three years.
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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
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