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DE Shaw continued to cut back the amount of catastrophe limit it deploys as retro rate reductions again outpaced the slide in the underlying reinsurance markets, sources said.
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ILS fund managers said they observed clear evidence of a trend for greater tiering in the reinsurance market at the January renewals.
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Growth at the top 10 specialist ILS fund managers slowed in the second half of 2014, as the group started 2015 with a combined $40bn asset base.
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Use of aggregate cover in the ILS space will increase this year, Munich Re Capital Markets forecast in its latest report on the market
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XL CEO Mike McGavick said that capital providers interested in moving into reinsurance have put an increased focus on underwriting in the past year, speaking on a conference call today to discuss the company's takeover of Catlin.
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Validus subsidiary AlphaCat Managers has raised $409mn of new capital into its ILS Funds and renewed its sidecar, AlphaCat 2015, at $155mn.
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Guy Carpenter has estimated that convergence capital now provides 18 percent of total catastrophe limit - or $60bn of capacity - up by a third from $45bn and a 15 percent share at the end of 2013.
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Aon Benfield said alternative reinsurance capital reached $62bn by the end of the third quarter last year, up 25 percent from 2013, while traditional capital rose 6 percent to $575bn.
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Stone Ridge Asset Management has made annual returns ranging from 8.2 to 9.4 percent within its three reinsurance funds, the company's annual report for the period to 31 October 2014 shows.
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Montpelier Re has merged two of its Blue Capital funds management subsidiaries, it was announced today (23 December).
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Aspen's capital markets division has renewed the Silverton Re sidecar with $85mn of capital for 2015, up from $65mn this year, the company announced today (19 December).
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Third Point Re is winding down its catastrophe fund and investing in strategic partner Hiscox Bermuda's Kiskadee funds instead.
