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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty. -
The InsurTech has moved its pricing for the instrument to the top of its initial range.
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The company believes the program management and legacy businesses would work better as standalone operations.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.
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The Italian group previously halted writing catastrophe excess-of-loss business.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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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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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The executive chairman has sold around half of his holding back to the company.
