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The insurance merchant bank is planning to feed most of the fund’s capital into a quota share retrocession contract with Iris Re.
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The fund raised an additional $10mn in the three months to 30 April 2018.
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The fundraise comes as the firm is hiring to expand its ILS strategy.
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London-based start-up Akinova is developing an electronic trading platform for (re)insurance risk and is planning to start with listing a version of an industry loss warranty (ILWs) called an “AELO” – an Akinova Event Linked Option.
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The concept of reinsurance market “payback” – higher premiums that follow major losses – might well be dead.
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Rate increases have mostly been limited to low attaching Floridian wind cover. -
The latest PCS loss number for Hurricane Harvey has edged up to $17.1bn, from a prior figure of $15.7bn, sources told Trading Risk.
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If ILS capital is designed to be the ultimate home for catastrophe risk, how far should asset managers look to hedge their investors' bets?
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Hiscox Re has introduced the first ever cyber industry loss warranty to the ILS and reinsurance markets.
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Sompo International has set up a $62mn sidecar, Blue Lotus Re, to provide cover supporting its global catastrophe reinsurance portfolio in 2018
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The Catco Reinsurance Opportunities Fund made a worse-than-forecast 27.6 percent loss for investors in 2017 after its fund manager significantly added to its wildfire reserves in December.
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The momentum for retro rate increases at the January renewals slowed at the end of last year, sources said, as lack of new demand and a smooth reload of lost capital meant increases fell short of expectations
