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Using Kroll to rate Prospero Re allowed the firm to add customised ILS features to the rated structure, by having its fund investors own the platform. -
The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
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Private ILS strategies fell to a loss of 0.8 percent for 2019 on the Eurekahedge ILS Advisers index, as this segment delivered its third year of losses in a row.
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The Don Kramer-backed fund's Bermuda reinsurer Prospero Re has been given an A rating.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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The deal covered Turkish earthquake risk.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
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The reinsurance covers policies written by the insurer in from January to August 2019.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The ILS manager has no current plans to deploy investor capital in cyber underwriting risks.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
