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The total value of Eden Re has fallen 17% compared with 2020.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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The vehicle is the first sidecar launched in Singapore and will cover regional risks.
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Limited new inflows supported the collateralised and sidecar markets as cat bond offerings attracted significant capital. -
Aggregate retro capacity has “reduced enormously” but rate increases were less severe than some had feared, the Willis Re international chairman said.
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Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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The identity of Phoenix Re’s cedant and the type of transaction remains unclear.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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The initial $55.1mn bond is slightly above the equivalent December 2019 issuance.
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US cat renewals are outpacing European increases, but as signalled earlier this month, the level of rate hikes has fallen back.
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