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The manager’s life & alternative credit segment invested in the reverse mortgage specialist. -
The insurance conglomerate initially committed $50mn to Elementum funds.
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Hudson Structured Capital Management (HSCM) Bermuda has set up an insurance credit strategy seeded with $400mn of initial capital from Security Benefit Life Insurance Company.
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Structures have been developed that would avoid “excessive capital trapping”.
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The ILS unit earned $5mn of fee income, down by $1mn year on year.
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The capital commitments to the vehicle have expired.
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The executive will build out Vesttoo’s capital markets team in the region.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
