Stocks

State-backed insurer Florida Citizens has borne the brunt of Irma losses, as other leading carriers in the state managed to keep their share of the event’s claims below their market share, Trading Risk analysis shows.

The carrier is now the top-ranking insurer among sidecar sponsors Liberty Mutual’s Limestone Re vehicle is now the third-largest quota-share reinsurance sidecar vehicle on the market, based on Trading Risk records, as its total capacity reached $700mn.

Stone Ridge increased its share of Swiss Re’s Sector Re sidecar in the April renewal, investing $187mn in its newest class of issuances.

The transaction now matures on 15 August 2018.

Aberdeen Asset Management now has a 9.83 percent stake in the Catco Reinsurance Opportunities Fund.

Investors are due to vote on a voluntary wind-up of the company later this month.

The insurer secured $445mn of catastrophe reinsurance at 1 July for a rate reduction.

The fund invested $187mn in Swiss Re’s Sector Re sidecar during the quarter to 30 April as a surge of inflows offset investment write-downs.

The Florida insurer has put a smaller quota share in place on its homeowners business.

The insurance merchant bank is planning to feed most of the fund’s capital into a quota share retrocession contract with Iris Re.

The insurer has raised a further $278mn of capital for its Limestone Re sidecar.

QBE Re has appointed Stephen Postlewhite, the former CEO of Aspen’s primary insurance business, as its deputy global chief underwriting officer.