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Operating revenues were also up on the $29.1mn reported over Q2. -
O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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Third-party investors made a net income of $415mn in the quarter.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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The legacy cover will backstop policies written by its North American insurance business.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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The facility will initially focus on US, Bermudian and European business.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.
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The resource was developed by leading ILS managers and investors.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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This is the latest in a string of appointments made by the firm’s ILS unit.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Brian Hickey joins the firm from PE specialist AE Industrial Partners.
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The reinsurer returned $216.7mn to investors in Q2.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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He had spent 10 years at Securis, with seven of them as COO.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The third-party capital manager is a new entrant to the retro space.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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The sidecar renewed at $230mn for 2025.
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The pension plan noted in June 2024 that it was exploring new options in ILS.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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This followed a $650mn fall in April, after management change of the fund.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The bond will provide multi-peril coverage on an industry loss basis.
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The bond will provide storm protection in Florida and South Carolina.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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Richard Pennay also addressed the dip in cyber ILS activity.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The unit’s premium reduced by 4% for the first quarter.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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All 29 funds tracked by the index returned a positive performance.
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