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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023. -
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.
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According to a LinkedIn post, the current head of corporate development, investments and treasury will return to BlackRock.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The first edition of the vehicle has generated fee income of $29mn to date.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
