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The manager has gained increments from existing investors and inflows from new ones. -
Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The firm has posted a combined ratio of 75.4% for 2022.
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Remaining ILS staff will now report into the group’s CFO.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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RenaissanceRe won the Manager of the Year title, while Beazley’s cyber cat bond won the non-life transaction of the year.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
