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The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.

The reinsurer's ILS assets under management have now reached $1.6bn.

The carrier also signed up 50 percent more investors during the July renewal.

Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.

Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.

The investment was lowered after Enstar and private equity giant Madison Dearborn agreed to put $350mn into the deal.

Travelers said that it had reduced its treaty reinsurance limit in order to expand its cat bond protection by $200mn in this year’s renewal.

The fund has made a 0.7 percent loss in the first half.

Lindsay held the role of co-chief underwriting officer at the Bermudian ILS manager.

This is the first major deal under the leadership of Brian Duperreault and transfers Validus Re, AlphaCat and Lloyd’s platform Talbot to AIG.

The retro manager said the ordinary shares in its London-listed Reinsurance Opportunities Fund had gained 0.5 percent in June, trailing the 1.1 percent return from its new share class launched for 2018.

Solidum Partners has been named as the first ILS partner to join The International Stock Exchange (TISE).