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Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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CUO Schmid noted that its catastrophe growth came after it reduced its market share in 2018.
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The platform has issued $175mn so far this year, up from $151mn in 2018.
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XL’s New Ocean will lead on packaging and structuring risk, while Axa IM is contributing on distribution to investors, the firm’s leadership said.
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The insurer racked up $141mn of covered losses in Q2, as it had to lift its wildfire retention.
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The issuance brings Eclipse Re’s annual total to $150mn, just under the $151mn it issued in 2018.
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The carrier has meaningful available capacity to deploy, according to CFO François Morin.
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The insurer increased its reinsurance spend by 10 percent in the quarter after adding $400mn top-layer coverage.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital. -
The seventh issuance this year takes the annual total to $134.08mn.
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The platform was launched by Guy Carpenter in 2017, and this is the first year it has transacted deals.
