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He spent more than seven years as vice president of the firm’s capital markets and advisory division. -
The 2017 start-up has previously focussed on quota share investing.
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The broker estimated spreads fell by 15%-20% year on year to return to 2018 levels.
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The insurer will recoup $253mn from the Sanders Re aggregate bond, up 30% from the Q1 level forecast, but traditional treaty recoveries have fallen significantly.
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GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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The reinsurer posted intakes to its Medici and Upsilon funds.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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The bond forms part of a wider trend towards public risk transfer in the ILS market.
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The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
