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The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re. -
Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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The cat bond market has benefited from hardening rates and more remote structures.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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The bond will provide coverage for named storm in Florida and North Carolina.
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The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
