Stocks
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Howie was a principal in Mercer’s hedge fund boutique where his areas of coverage included ILS. -
Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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The company has extended its Munich Re quota share for three years.
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Private ILS strategies boosted overall sector performance as cat bonds continued to lag.
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Marsh McLennan’s Bermuda platform issued $68.3mn in private deals last year.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Australia and Florida buyers faced capacity problems as inflation drives up pricing.
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The Australian group could hive off its banking unit to concentrate efforts on its larger insurance segment.
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The new issuances will add to the carrier’s existing $900mn cat bond cover.
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Kevin Rehnberg, who has been out on leave for health reasons since March 2022, is stepping down from the top role and the board of directors.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The agency said casualty risk was attractive to investors for its low-to-moderate correlation.
