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The carrier’s equivalent bond placed last March secured $550mn of limit.
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The carrier becomes the first syndicate to use the new London Bridge structure.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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M&G investments has committed the capital through its Catalyst private assets strategy.
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The WR Berkley vehicle takes a 30% share of its reinsurance placements.
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The manager’s life & alternative credit segment invested in the reverse mortgage specialist.
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The insurance conglomerate initially committed $50mn to Elementum funds.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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After threatening a swathe of downgrades of Floridian carriers last year, the ratings agency has signaled a positive reception of reforms.