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The investment bank is focused on developing new parametric products for the reinsurance market.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown. -
The fund also grew its net assets by 15% to about $142mn.
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The start-up will run three auctions on Tuesday ahead of Hurricane Sally reaching the US coast.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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ILWs at the $10bn mark failed to clear, as auction participants suggested losses would not reach the trigger.
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Buyers and sellers are eyeing a 20% RoL, but contracts have yet to trade.
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Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
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The $3.9mn claim followed an August revision to the PCS Irma loss estimate.
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The hedge fund has asked that a US court order Catco to apply a loss estimate from PCS, rather than an allegedly “inaccurate” one from Munich Re NatCat.
