Life reinsurance
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle. -
The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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GP Affluent Markets will look to serve high-net-worth individuals.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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The reinsurer has made improvements to its life and health segment, it said.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.
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The ILS manager claims that 777 Partners “double-pledged” collateral.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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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 Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The La Vie Re deal is the first standalone extreme mortality bond since the start of the Covid-19 pandemic and includes coverage for the disease.
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The ILS manager is discussing public solutions and expects demand to emerge.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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Canada Life, Munich Re and Swiss Re have covered the pension liabilities of 200,000 pensioners in the Netherlands.
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The Ivy vehicle will co-invest on deals with Global Atlantic.
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The finance company is led by ex-Leadenhall deputy CIO Dan Knipe.
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Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
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The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
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The Netherlands-based life insurer said it is currently unwilling to bear volatility and will be closing down its $300mn ILS portfolio.
