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Arch Mortgage Insurance raised $701mn in the largest mortgage ILS deal to date, while National Mortgage Insurance is hoping to raise $327mn.
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The retro-focussed Upsilon fund saw limited growth, while the Medici cat bond fund attracted $107mn in new capital.
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The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries. -
The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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The funds were raised over 18 months, portfolio manager Florian Steiger said.
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The volcano cat bond is being structured so that will be open to investment from other ILS funds.
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Sean Bourgeois, founder and CEO of Tremor, expects the risk market to follow a path similar to that taken by the advertising industry.
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PGGM senior investment director recognised for her exceptional contribution to the sector.
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Typhoon Jebi creep continued to have an impact on performance, with multi-instrument ILS funds reporting an average loss of -0.78 percent for the quarter.
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Activity in the first half of the year was the lowest since 2011.
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Using cat bonds alongside other funds to manage the response to pandemic threats means a more cost-effective overall response, ILS participants argue.
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Initial market speculation was that the firm would focus on the sidecar market but it will pursue more of a mainstream ILS offering.
