ILS
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The fund has a strong focus on cedant quality and transaction structures. -
The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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ILS returned 3.2% for the scheme in the first quarter.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
