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Key topics include private ILS growth prospects and the longevity of longtail interest. -
A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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The sidecar will support five programs providing specialty frequency coverages.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The vehicle will be capitalised by an asset manager with more than $100bn in AuM.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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The awards celebration took place at the Hilton Bankside on 25 June.
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The sidecar renewed at $230mn for 2025.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Investor interest and capital flows point to potential for ILS proliferation.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The program will provide excess casualty coverage across a broad range of industries.
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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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The cat bond market surpassed $50bn by the end of Q1 2025.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The firm will match segregated accounts of portfolios to investor mandates.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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Theokli joined the company in 2021 as a senior underwriter.
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A negative January return will be unprecedented for ILS industry.
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Company touts growing investor demand for Asian cat risks.
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The fund returned 15.69% in calendar year 2024.
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Several new awards are up for grabs at this year’s event.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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The renewal marks the seventh issue of the retro vehicle.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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The vehicle is yet to recover to 2021 levels of $235mn.
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The broker anticipates strengthening investor demand for collateralised re.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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Everest is in the process of transforming its ILS offering.
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The firm said it benefited from favourable retro market conditions.
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Former ILS investors who left the space have looked again and re-allocated.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Strong growth in fee income builds on the favourable rating environment.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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The ILS allocation increased in dollar terms and held steady in euros.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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This is a far narrower drop than post Ian, when the index was lost 10%.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The raise includes minority investments from Nationwide, Enstar and others.
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The executive has worked for Hamilton for over a decade.
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The biggest limitation to growth is supply, given ILS capital “reticence” after the 2016-22 years.
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Katarina Scamborova has been appointed president of the new vehicle.
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The facility will provide reinsurance coverage over three underwriting years.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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He will be based in the Bermuda office and work to develop the underwriting associates.
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Most of the ILS capital was attracted to the cat bond market.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt.
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The Bermuda regulator is consulting on a refresh of its rules that will be in force as of 1 January 2025.
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Growth was driven by strong returns and new investors entering the market.
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Quick-moving cat risk trading may become more prevalent in the ILS market.
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The James River-Long Tail Re deal is the latest example of deal-specific investor capital.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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The proportion of total fund assets invested in non-life ILS held steady at 0.6%.
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Sidecar vehicles are being tailored to match investors’ objectives.
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Everest losses ceded to Mt Logan grew by 63% to $26mn.
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Allocators are waiting for 2024 to pan out, according to Hiscox CEO Aki Hussain.
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Fee income at the Re & ILS division grew by 58% to $44.3mn in H1.
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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future.
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The combined Twelve-Securis entity would be a top-five ILS firm currently.
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Reinsurer-managers are building out asset management infrastructure as they expand.
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The firm said the move would let it build a multi-vehicle capital management platform.
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The 2024 winners were celebrated at The HAC in London on 27 June.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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The carrier also reported a $16mn satellite loss during the quarter.
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The fund has a strong focus on cedant quality and transaction structures.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The firm is focusing on developing specialty offerings.
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Risk partnerships will now report direct to the board through the CFO.
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The Cayman Islands entity raised $2.4mn last June.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows.
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The vehicle’s loss ratio improved 66 percentage points YoY.
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The vehicle is 52% larger than it was at launch 3 years ago
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Sponsors still secured terms that were favourable relative to traditional cover.
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The ILS allocator has invested in the asset class over 17 years.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The carrier also set out detail on its alternative solutions offering.
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New business across geographies drives top-line growth of 191%.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.
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The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.
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The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn.
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The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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Of $17bn that entered the market in the 15 months to 31 December, 40% was channelled into ILS vehicles.
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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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The represents Golub Capital’s first insurance sidecar transaction.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
