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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January. -
The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The third-party capital manager is a new entrant to the retro space.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Bermuda-based team is led by John Fletcher.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Price guidance for the bond is 4.00%-4.50%.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
