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RenaissanceRe has significantly increased the size of its Upsilon Re retrocession sidecar, which wrote more than $350mn of limit in the January 2014 renewals, the company told Trading Risk
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Multi-Strat Re has signed up a new hedge fund to its reinsurance platform with the launch of Swan Re as a class 3A Bermudian reinsurer today (5 February).
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RenaissanceRe's rated sidecar DaVinci Re increased its full-year net income by 2.5 percent to $217.7mn in 2013 and bought back a net $300mn from investors in January 2014.
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Validus Re CEO Ed Noonan said that competition during the 1 January catastrophe renewals was driven not by the secular shift towards institutional money, but rather a normal cyclical oversupply of traditional reinsurance capital.
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PartnerRe derived $9.43mn of net income for third-party investors in the firm's Lorenz Re sidecar during 2013, according to the company's annual results.
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AlphaCat Managers wrote $86mn of premiums in the January 2014 renewals, a 7.5 percent decrease from the same time last year, according to fourth quarter results from the company's parent Validus Group.
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Hiscox plans to lay off more risk through quota shares and sidecars in 2014 as catastrophe rates come under pressure, according to a note from Peel Hunt analyst Mark Williamson
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ILS investors will need to respond flexibly to a competitive pushback from traditional reinsurers if they are to continue growing their market share, Willis Capital Markets & Advisory said in its Q4 market report today (29 January).
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Blue Capital Re, the New York-listed fund run by Montpelier Re, deployed $143mn of the $174mn net proceeds that it raised last November during the January reinsurance renewals, according to Securities and Exchange Commission filings.
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Lancashire deployed more than $250mn of limit through its Kinesis Re I sidecar in the 1 January renewals, the company confirmed today.
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The number of special purpose insurers (SPIs) registered in Bermuda reached a new record high of 51 in 2013, up from 27 the previous year, according to annual registration statistics released by the Bermuda Monetary Authority.
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AlphaCat's chief operating officer Richard Lowther has resigned and is set to take up a new role at Hiscox as the reinsurer continues to develop its convergence market business, Trading Risk can reveal.
