ILS
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The consultation period around UK ISPVs was opened in November last year.
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He replaces Andrew Hughes, who held the role since 2021.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.