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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November. -
In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Asagao VI is fourth largest private cat bond deal this year.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Mortgage ILS issuance has totalled $787.2mn so far this year.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The ILS executive is departing the ILS platform following RenRe’s move to buy Validus Re for ~$3bn.
