Retrocession

Only around three or four reinsurers are managing true asset management platforms, Hiscox Re & ILS chief operating officer Richard Lowther said at the Trading Risk New York Rendez-Vous.

Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.

Terms of the deal were not disclosed.

Former Aon broker Jonathan Hughes will join the firm's retrocession team, reporting to head of retro Alex Bridges.

As the challenging operating market leads more and more reinsurers to raise third-party capital, it seems strategic benefits might be easier to come by than financial benefits, commentators have suggested.

Markel Catco investors must be prepared to take a critical look at some of the statements in the company’s half-year report.

C shareholders in the Catco Reinsurance Opportunities Fund, who are not exposed to the 2017 losses, saw a return of 6.31 percent for H1 2018 amid low catastrophic activity during the period.

The German reinsurer ceded 31 percent of its EUR134.8mn of gross major losses to retro partners in the first half.

The retro manager’s assets under management reached $6.5bn at the end of June, including trapped capital.

A Northshore Re cat bond and a one-off deal with third-party capital partners have helped Axis to reduce its catastrophe exposures.

The latest increase in PCS figures for hurricanes Harvey and Irma means that US wind aggregate industry loss warranties (ILWs) that trigger at $30bn have been hit, Trading Risk sources said.

Retro purchasing rose modestly at the mid-year renewals, but this did not prevent rate increases from slowing, sources said.