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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The final couple of months of 2018 brought further pain for sidecar investors.
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The vehicle brings Bermuda-based PartnerRe’s managed third-party capital to $262mn as of January 2019.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
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The size of the vehicle was not disclosed.
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The latest deal will provide the carrier with retro cover, Trading Risk understands.
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The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.
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The new vehicle managed to launch amid a challenging fundraising market.
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The Bermuda Monetary Authority pegs the global pot of alternative reinsurance capital at $89bn.
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Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.