Securis Investment Partners
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The manager gained approval from a majority of investors in its Guernsey-listed Securis I fund to implement side pocket shares. -
Investors sought to redeem about $200mn in 2019 from the shrinking Securis I fund, but the London manager has grown its lower-risk non-life fund.
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The Securis SPA faced the highest deterioration in underwriting losses as Nephila and Arcus both improved their combined ratios.
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The co-founder had moved from the CEO role to chief investment officer last April.
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The decision followed a review of the primary insurance business written at each carrier.
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January 2018 opened the year of the “great reload” for ILS managers.
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January renewals were creaking into order in December after the wildfires locked up the process.
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The exit comes ahead of Lloyd’s closure of SPA 6129.
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CEO Vegard Nilsen said direct capital provision at Lloyd's didn't meet its return targets.
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The BBC pension scheme has returned to the ILS market for 2018 after pulling out several years ago.
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The ILS manager is likely to revisit plans to launch full syndicate at a later stage.
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Many ILS entrepreneurs have already successfully cashed out.
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