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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business. -
The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The raise includes minority investments from Nationwide, Enstar and others.
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Katarina Scamborova has been appointed president of the new vehicle.
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Sidecar vehicles are being tailored to match investors’ objectives.
