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The unit said capital in the ILS market remains more than adequate to meet rising demand. -
In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Reserve releases helped to recapture deferred fees.
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George Cantlay will also assume the additional position of president of the Bermuda business.
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The reinsurer returned $216.7mn to investors in Q2.
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He replaces Andrew Hughes, who held the role since 2021.
