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Covea is considering issuing non-property cat bonds for risks such as motor as a means of growing its presence in the ILS market.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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This came as major losses ceded to retro partners reached EUR541mn. -
Isosceles Re will run alongside Cerulean Re, which was set up in 2017 to manage private ILS deals.
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The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.
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Legacy and bank financing offers have yet to take off as competitive concerns hold some deals back.
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But ILS market exposure to contingency covers is limited, CUO von Herberstein said.
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The executive had been involved in capital raising for clients such as Fidelis and Lancashire.
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The outcome for pricing was mixed across the four-tranche transaction.
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As per previous bonds, the transaction is fronted by Hannover Re.
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The deal uses an occurrence trigger, unlike the aggregate bond that is expected to pay out on Jebi losses.
