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He will have a similar mandate at New York-based One William Street as he had at recently-sold hedge fund BlueMountain. -
A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
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The carrier's Sector Re sidecar has now reached roughly $1bn in size.
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The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.
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Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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Parent asset manager Apollo is set to nearly double its stake in the life insurer.
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The Apollo-owned third-party funds vehicle has raised $1.5bn as of August.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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Sidecar renewals have already begun kicking into gear with new potential sponsors and buoyant demand expected.
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Michael Halsband was formerly a partner at Drinker Biddle & Reath.
