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The award of the mandates marks the California public pension plan’s entry into ILS. -
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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The bond will provide protection against named storm and thunderstorm.
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The casualty ILS business now has $175mn in capital.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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Investor interest and capital flows point to potential for ILS proliferation.
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The bond will cover China, India and Japan quake and Japan typhoon.
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The bond will provide protection against German and Japan quake.
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Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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The deal of the size was unchanged at $100mn.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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The bond will provide coverage against named storm or severe thunderstorm over three years.
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The issuance is split across three tranches with varying degrees of risk.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The asset manager has hired Rom Aviv as head of ILS.
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The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
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The insurance discount margin is now at a similar level to where it was in the final week of March 2022.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Martin Bisping has moved to CRO and Bernard Bachmann was named CEO of SRILIM.
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Rachel Barnes Binnie joins as portfolio manager.
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Multiples in March were below historic averages from 2001 through 2024.
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LA wildfire-exposed ILS positions experienced further declines.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The notes replace a 2021 issuance that matured in January this year.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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Industry sources estimate the market to be around $3bn.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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Some $625mn of new issuance entered the market in the first week of March.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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The fund is open to European and other global investors.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The third-party capital platform is looking to enhance its tailored strategy offerings.
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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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The NCIUA had initially sought $350mn of limit.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
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New limit of $474mn entered the market across two deals.
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Two ILS funds featured in the top five asset-raisers within the index.
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The firm will match segregated accounts of portfolios to investor mandates.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The firm said the appointment would support its ambitious growth strategy.
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Neuberger Berman’s AuM stood at $3.2bn as of 1 January 2025.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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American Integrity is seeking expanded limit on more favourable terms.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Tower Hill secured $400mn of Winston Re limit in 2024.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Barthelemy Thomas joins from PartnerRe Capital Management in Zurich
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The index delivered a total return of 1.29% for the month of December.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
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PFZW’s insurance allocation stood at $8.7bn as of year-end.
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He joins from Pillar Capital and will be based in Bermuda and New York.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Secondary market pricing indicated anticipated California wildfire losses.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The former Credit Suisse ILS head Niklaus Hilti said working on life buyout hedges could rejuvenate the life ILS market.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The fund returned 15.69% in calendar year 2024.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The strategy launched on 1 January, winning mandates from several investors
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Nicole Chase was central to the build-out of Mt Logan while at Everest.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Some $1.2bn of limit was placed in the cat bond market this week.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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The company no longer has any exposure to reinsurance contracts.
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Everest is in the process of transforming its ILS offering.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The reinsurer said investors were interested in expanding after benefiting from good results.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
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The bond will provide multi-peril coverage in the US and District of Columbia.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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Beazley returned with its second Fuchsia cat bond issuance.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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Management track record has been a factor in capital raising for 2025.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The ruling indicated it was unlikely all claims would be dismissed, as defendants had requested.
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The fund will invest in listed and private transactions.
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The ILS manager has hit back at an attempt by the defendants to have the case dismissed.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Shareholders are voting to approve being wound up on 18 December.
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Strong growth in fee income builds on the favourable rating environment.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The fund will be denominated in US dollars and digital currencies.
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The new funds will target the US wealth market through financial professionals.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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Daniel Ineichen, former co-head of ILS, had been with the company for nearly two decades.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
