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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho. -
The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The represents Golub Capital’s first insurance sidecar transaction.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The first edition of the vehicle has generated fee income of $29mn to date.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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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.
