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AlphaCat Managers made an underwriting profit of $11.9mn in the third quarter despite taking a $15.6mn catastrophe-related hit, according to its parent reinsurer Validus.
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Everest Re president Dominic Addesso said the company expects to meet or possibly exceed the $250mn target for its Mt Logan Re sidecar by year-end.
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Everest Re has raised $91.3mn from third-party investors for its Mount Logan Re sidecar, according to the company's third quarter results.
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Platinum Underwriters CEO Michael Price said that the reinsurer was not actively looking to channel third-party capacity into the catastrophe space nor any other line of business.
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The greater variety of fund structures available in the convergence space is opening up the market to a new set of investors, says Third Point Re lead portfolio manager Manoj Gupta.
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The California Earthquake Authority (CEA) added a new three-year $100mn contract to its reinsurance programme in the mid-year renewals as it increased multi-year cover to more than a third of its overall limit
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London-listed Catco has picked up almost a 20 percent share of the estimated $9bn indemnity retrocession market since it began underwriting at the start of 2011
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ILS managers could find it difficult to deploy capital that is entering the market chasing beta returns, PwC warned in a report released at the Monte Carlo Rendez-Vous
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Baillie Gifford, TIAA-CREF and Pioneer Investments are among the key institutional investors that have increased their involvement in the ILS market over the past year, according to sources.
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Swiss Re has significantly expanded its Sector Re sidecar over the past year, Trading Risk understands, with sources suggesting that it has roughly doubled in size to $500mn-$700mn.
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Stone Ridge Asset Management is seeking to raise up to $500mn for a new closed-ended reinsurance fund that will invest in more illiquid assets than its current cat bond-focused strategies, according to SEC filings.
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The latest New Point VI sidecar has secured more than $215mn of capital commitments to be deployed during the 1 January 2014 renewals, Trading Risk can reveal.
