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The Bermuda sidecar was established last year to support property cat underwriting in a hard market. -
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.
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Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.
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Early private deals have provided far more stability in this year’s renewal than last.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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