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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years. -
Steiger will oversee the new article 8 classified fund, based out of Zurich.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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Schwartz will set the firm’s investment process on its ILS, equity and debt strategies.
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Of $17bn that entered the market in the 15 months to 31 December, 40% was channelled into ILS vehicles.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
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The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
