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This week we discuss the impact Covid-19 trapped capital is having on the retro market and the surprise investment partnership between Covea and PartnerRe.
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The departures follow a review of the Credit Suisse-backed firm’s underwriting strategy which will see it focus on bigger lines across a smaller client set. -
The retro vehicle has only picked up a small share so far but this will grow.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
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Possible Covid-19 losses may be slowing capital inflows to the ILS sector, CFO John Dacey has said.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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The carrier has reduced its frequency risk while lifting exposure to tail events.
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Investment income fell by over 65%, weighing on improved underwriting results.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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The growth follows the reinsurer expanding its relationship with PGGM.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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The two tranches of notes will expire in October 2024.
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