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Reinsurers relied on ILS providers for 21 percent of their retro cover for a 1-in-250 year event in 2017, the ratings agency said.
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The Everest Re sidecar’s Q2 claims burden was up by more than 400 percent year on year.
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The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.
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Richard Slater and Adam Champion have been hired at Brit’s new collateralised reinsurance vehicle Sussex Capital.
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Stone Ridge increased its share of Swiss Re’s Sector Re sidecar in the April renewal, investing $187mn in its newest class of issuances.
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The carrier is now the top-ranking insurer among sidecar sponsors Liberty Mutual’s Limestone Re vehicle is now the third-largest quota-share reinsurance sidecar vehicle on the market, based on Trading Risk records, as its total capacity reached $700mn.
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Private and public deals give the nearly $700mn total for on-risk Limestone funds.
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Gulf reinsurer Oxbridge Re has licensed its new Oxbridge Re NS vehicle and issued a tranche of notes.
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Former Catlin Bermuda CEO Graham Pewter joins the board of Brit’s market-facing sidecar.
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(Re)insurers with established relationships within the ILS space are at an advantage in the current post-loss environment, according to Joe Ferraro, partner at Willkie Farr & Gallagher.
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NCM Re's expansion will depend on how much business the insurer writes itself, said Mark Gibson, the company’s alternative capital director.
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Everest Re sidecar Mt Logan Re wrote almost 50 percent more premium year-on-year in the first quarter, recording $81mn of written premium.