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The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
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There is little sign of retro demand returning after buyers cut back in January. -
The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
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The former Swiss Re ILS specialist has joined the carrier after its debut sidecar launch.
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There are few areas of overlap in the Willis Re-Gallagher Re combination but some details to be ironed out on the new executive team.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.
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The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
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The insurer remained in underwriting profit despite the winter storm losses.
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Covid-19 has highlighted the need for solutions in dealing with longer-tail losses, as some ILS managers push for contract changes.
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Investors are seeking to take higher-attaching risks with pure peak peril deals in stronger demand.
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High service levels, lower fees and more liquid instruments could also help expand the high-net-worth sector, panellists at a Sifma IRLS conference said.
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