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Flood risk concerns could mean more drain on the public purse to pay for damages via the NFIP. -
QBE Re chief underwriting officer Jonathan Parry said the firm is not likely to join the surge of reinsurers looking to raise ILS sidecars, as it can source the retro support it needs from the private market.
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As the challenging operating market leads more and more reinsurers to raise third-party capital, it seems strategic benefits might be easier to come by than financial benefits, commentators have suggested.
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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.
