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The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
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Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers. -
The investment house made a blended 0.7% underwriting return via its holdings in Elementum funds and 7% cash yield from its ownership stake in the firm.
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It was the first gain for April in the past four years, as year to date performance scraped into positive territory.
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British Virgin Islands-based investor Eugenia II Investment Holdings had alleged fraud and misrepresentation after losing $7.5mn with the retro fund manager.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The firm, which markets Fermat-managed ILS funds, did not specify the size of the new investor commitment.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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The executive was one of the Swiss bank’s most senior ILS executives and established their life fund.
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The vehicle will launch with $200mn of equity contributed by all the manager's ILS funds.
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Parent AIG’s cat losses remained elevated in line with the prior-year Covid-19-impacted quarter.
