Stocks
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The Michael Watson-led business has yet to appoint banks and may not pull the trigger on the move. -
The new limit amounts to roughly half the Seaside Re bonds placed last year.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The reinsurer raised $16mn from a new sidecar issuance.
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The US carrier expects to recover $16.7mn of premium by cutting off the treaty.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The total value of Eden Re has fallen 17% compared with 2020.
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ILS investors now have a tax-neutral way of accessing the London market – but capacity will still be strictly controlled.
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The insurer appears to have dropped a separate $30mn aggregate minor-perils collateralised cover that had taken losses.
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But analysts added that slowing rate momentum suggested the hard market could end this year.
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The vehicle raised $240mn in an offering priced at $10 a share.
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Second- and third-event retentions rise from the year-ago arrangement.
