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The capital management platform remains active but January renewals were fronted by the balance sheet. -
The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The sidecar has been taking on more cyber risks in recent years, sources said.
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The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The vehicle was upsized by 20% from 2022.
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The sidecar has stepped down in size over the past three years.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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