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Everest Re's Mt Logan Re sidecar posted a 5 percent year-on-year drop in third quarter underwriting profits as the vehicle took almost $6mn of catastrophe losses.
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More hedge fund reinsurance vehicles are unlikely to be launched in the short-term due to the challenge of raising more capital from high net worth investors, Enstar Group executive vice president Scott Maries said.
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The growth rate of reinsurer-led ILS funds has outstripped the expansion of independent ILS managers in the past five years, albeit from a much lower base, Sean McCarty, managing director of Aon Securities, said at the Trading Risk New York Rendez-Vous 2015.
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Axis Re CEO Jay Nichols has warned that ILS funds and reinsurers must provide more value than just capacity to remain relevant as the industry's value chain faces rationalisation.
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A group of sidecars followed by Trading Risk are on track to deliver annualised returns of 10.48 percent, according to data compiled from filings made by US fund managers Stone Ridge and Pioneer
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TransRe now has more than $350mn of sidecar capacity, making it a significant player in the market, head of TransRe Capital Partners Craig Hupper told Trading Risk.
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A series of hedge fund reinsurer initiatives were revealed during the Monte Carlo Rendez-Vous last month, with two of the vehicles in progress likely to act as captives
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A second rated reinsurer start-up from Credit Suisse Asset Management is set to be up and running in time for the 1 January renewals, Trading Risk understands.
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Pioneer's ILS Interval fund expanded its net asset base by almost 18 percent to $64.4mn in the three months to end of July, according to its latest quarterly report.
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The net asset value of Stone Ridge's ILS funds increased by 12 percent to $3.7bn at the end of July, up from $3.29bn at the end of April, according to its latest financial reports.
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Aspen has started fundraising with Goldman Sachs for its hedge fund reinsurer, a vehicle expected to assume some of the carrier's outwards casualty-heavy reinsurance book, sister title The Insurance Insider revealed.
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Legacy carrier Enstar is working with alternative investment manager UBS O'Connor and its long-term backer Stone Point as it explores a hedge fund reinsurance start-up, The Insurance Insider revealed this week
