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The carrier completed 17 legacy acquisitions and reinsurance deals in 2018.
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Shortfalls in retro capacity are not impacting all vehicles, said Tangency Capital co-founder Michael Jedraszak.
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The sidecar was established in 2017 to provide support for Hamilton Re’s reinsurance portfolio.
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The vehicle will take a 25 percent quota share of the reinsurer’s property catastrophe portfolio.
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What does it say about the insurance market that for every new fund or facility that is launched as a passive or index tracker-style initiative, it seems that another existing one is unwound?
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The tiny retro vehicle supporting the Florida reinsurer was wiped out, as Oxbridge’s premium income fell significantly in 2018.
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The $50mn ILS vehicle of Fidelis, led by CEO Richard Brindle, was launched on 1 June 2018.
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Juan Prado was previously a senior vice president at RenaissanceRe Ventures.
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The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.
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The New York-based asset manager received an increased level of requests for redemptions from investors in its Reinsurance Risk Premium Interval Fund this quarter.
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Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.
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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.