ILS
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The Sussex Capital ILS platform managed $440mn at its 2019 peak. -
Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The management’s buyback acquisition brings an end to the two-year relationship.
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Spreads could continue widening throughout the rest of the year.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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The pension fund’s ILS allocation as of the end of 2023 was CHF300.3mn ($356.8mn).
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
