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Everest is in the process of transforming its ILS offering. -
The firm said it benefited from favourable retro market conditions.
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Former ILS investors who left the space have looked again and re-allocated.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Strong growth in fee income builds on the favourable rating environment.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
