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Pricing settled at the top end of initial guidance at 590 basis points. -
The reinsurer said it had had to pay an increase on its loss-hit aggregate retro cover.
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A large reinsurer is looking at launching an ILS fronting business to fill the gap left by the pending departure from the space of Tokio Millennium Re.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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The insurer took a $179mn hit to its Q4 results from loss of goodwill.
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The Luca Albertini-led ILS manager will become a direct subsidiary of the Japanese insurance group, rather than being held by MS Amlin.
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This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.
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The ILS manager’s exposure is to the start-up’s accident and health risks.
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Assets under management fell by around $5bn.
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Chris Hayward was previously head of the North American property team in the carrier’s Bermuda office.
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