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The California-based carrier specialises in personal lines cat cover. -
The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
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The sector’s performance was better overall compared with September 2017.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The bond will provide the carrier with five years’ coverage for named storms across the US excluding Florida.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The casualty ILS platform said it now expects to do more secondary transactions.
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The broker-dealer said it would continue focusing on secondary trading activities.
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The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
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The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
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The committee will be chaired by Albourne Partners’ MD and Asia region head Debra Ng.
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It’s the third year that the New Zealand sovereign wealth scheme has increased its holdings in ILS.
