Stone Ridge Asset Management
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The major buyback was completed before the Covid-19 pandemic sparked a market crisis.
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The sidecar investor kept its major stake in Munich Re’s Eden Re vehicle stable but made few new investments in the latest renewals. -
The Diversified Alternatives fund will invest in ILS deals and alternative lending, real estate and other sectors.
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The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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As its Interval fund has continued to shrink, the manager has taken in private fund assets for both cat and non-cat risks.
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The manager made limited reinvestments in sidecar vehicles within its Interval fund.
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Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
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The sidecar investor is still working through a backlog of investor redemptions.
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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests.
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May redemption requests worth about 25 percent of the fund were stable on levels sought in February.
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Stone Ridge’s Interval fund has shrunk due to catastrophe events and investor redemptions.
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