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The Dutch pension giant increased its allocation to newer reinsurer partners and the Bermudian ILS firm it has been investing with since 2009.
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An increased frequency and severity of fires weigh on per-risk covers.
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The broker’s international chairman also noted an emphasis on restructuring aggregate programmes during this year’s 1 April.
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The Fosun-owned carrier’s underwriting margin improves by 3.4 points to 11.2%.
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The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
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The government wants to ensure tax-neutral status is clear enough to attract ILS transactions.
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One primary vehicle delivered a significant loss but many others are likely to have had their best year since 2016.
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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
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The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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The former Mt Logan Re property reinsurance underwriter took on the role this month.
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The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.