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The move comes as investors are on track to reject a bid from Liontrust. -
The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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Howden Tiger worked on the structure of the deal with the unnamed syndicate.
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The firm has posted a combined ratio of 75.4% for 2022.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
