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The fund’s net assets grew 12.2% to $983mn year-on-year.
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The firm said that retro lines had shrunk more than expected after fundraising delays. -
Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The cat bond-focussed High Yield fund made a smaller annual gain of 2.2% but drew in more investors.
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The Asia Pacific risk-focused vehicle was a little smaller than the first launch but both are ongoing.
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The cat bond was triggered by Hurricane Harvey and 9/11.
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The reinsurer typically renews the deal in two parts each year.
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The shortage of sidecar capacity could have a knock-on impact to broader renewals.
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A new report sets out how to scale insurance and capital for environmental protection projects, for a sector estimated to reach $50bn in size by 2030.
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Axis Capital has signed up Patrick Witteveen, European head of investor relations at Securis, for a new role in its ILS division, Trading Risk has learned.
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
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HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
