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It recognised the debate surrounding the “plausibility” of such scenarios. -
The Credit Suisse-backed firm produced a small profit in the first quarter of 2021, the ratings agency said.
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Matt Berdoff, Jason Braunstein and Wendy Wong-Tsang have joined the firm’s partnership.
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The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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It comes amid fears of increased levels of inflation given the low interest environment and high levels of government recovery spending.
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The 2017 start-up has previously focussed on quota share investing.
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The business acts as a transformer, allowing traditional asset managers the chance to participate on collateralised (re)insurance transactions.
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With investors’ decision-making increasingly influenced by ESG concerns, the ILS industry is grappling with the challenge of how best to articulate its credentials.
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The firm’s co-CEO Richie Whitt said the firm might also consider growing its retro portfolio.
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The reinsurer had previously signalled it would grow its net reinsurance portfolio after deploying less third-party capital.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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