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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said -
Sidecar sponsors may turn more to the private market in 2020 and face continued pressure on terms as capacity is expected to remain tight for pro rata support, according to experts.
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The sidecar investor is still working through a backlog of investor redemptions.
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The firm’s third-party capital total includes $600mn from the Harrington Re joint venture.
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Do we need new labels for the different types of ILS managers that exist?
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests.
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The firm launched last year with $50mn of capital from a pension plan investor.
