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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4. -
The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Axis set up a new casualty sidecar in the quarter.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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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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