Stocks

The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.

The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn.

CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.

The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.

Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.

Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.

The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.

Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.

The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.

HCI is offering one million common stock shares priced at $78 per share.

The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.

The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.