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The reinsurer took $743mn of nat-cat losses in the quarter.
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Tyler left Gallagher Re earlier this year.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The loss tally is considerably lower than estimates issued by model vendors.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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Managers expect Hurricane Milton losses to shore up pricing.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The ILS industry alumnus is understood to have two ILS investors lined up.