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Alleghany has revealed that its reinsurance subsidiary TransRe has been "quietly building" its capabilities in the alternative risk transfer market, drawing on the group's relationship with Ares, the alternative asset manager it part-owns.
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Blue Capital expands; PartnerRe shrinks cat; Aspen back in cat; Mt Logan derives profit; DaVinci Re profit up
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Aspen Capital Markets now has $100mn of assets under management, CEO Chris O'Kane said on the company's earnings call.
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Validus Re CEO Ed Noonan said that competition during the 1 January catastrophe renewals was driven not by the secular shift towards institutional money, but rather a normal cyclical oversupply of traditional reinsurance capital.
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AQR Re Management had drawn down $88mn for its new high-risk strategy as at 1 January 2014, helping its total assets under management rise to $588mn, according to Securities and Exchange Commission (SEC) filings.
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AlphaCat's chief operating officer Richard Lowther has resigned and is set to take up a new role at Hiscox as the reinsurer continues to develop its convergence market business, Trading Risk can reveal.
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The convergence market contributed $10bn of growth to the reinsurance industry's capital base in 2013, Guy Carpenter estimates.
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Swiss-based ILS fund manager Plenum has raised $10mn from institutional investors via a new managed account service with private bank Julius Baer, which allows investors to significantly leverage their ILS portfolios
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Chicago-based ILS fund manager Elementum Advisors has promoted two staff, Jake Weber and Nick Jagoda, to the role of principals as of 1 January.
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KKR founder George Roberts has said that leading ILS fund manager Nephila Capital generated "meaningful earnings" for the private equity firm since it took a 25 percent stake in the $9bn firm at the start of the year.
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Fiona Mackenzie, head of investments for the New Zealand Superannuation Fund says that the $20bn pension fund prefers a smaller pool of external managers, according to an interview with Citywire Global.
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Credit Suisse Asset Management has invested more than 80 percent of its assets in the private reinsurance market as it believes pressure on ILS returns is particularly acute in the cat bond market, according to a recent Credit Suisse analysts' note.
