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The sidecar has been launched alongside partner Stone Point Credit Adviser. -
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Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.
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The aim was to provide proof of concept for the securitised tokens.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
