Stocks

This will be the first share buy-back since the firm’s investors voted for the fund to go into run-off.

It is the fifth deal of the year to be issued from the Horseshoe Group platform.

The Fort Lauderdale-based insurer has struck an agreement with Capital Returns Management which will require it to add two new members to its board and schedule an annual shareholder meeting.

The insurer bought a $325mn cover for the Caribbean and Hawaii as well as retro for Validus Re.

The carrier also claimed the full limit of an A$150mn fiscal year stop-loss aggregate.

The ILS platform lifted fee income by a third year on year, offsetting its investment loss.

The ratings agency put capital at risk from a 1-in-250 aggregate cat loss year at 29 percent of shareholders’ equity, up 2 points in a year.

The Florida insurer took $17mn of weather-related losses.

The insurer’s Q2 earnings of $0.81 per share slightly missed analyst expectations.

The Apollo affiliate has added $500mn to the funds committed since May, as it targets a $4bn total.

The group’s increased use of third party capital continues to lower net retained premiums.

The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates.