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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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If Covid-19 is a slow-growing loss, fundraising may not come in through fast-access ILS routes.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.
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The carrier will raise third-party funds for the vehicle after setting up a new Lloyd’s fund late last year.
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BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders. -
The initial "first-party" losses will be largely reinsurance claims, falling below the impact of 2019 Typhoon Hagibis.
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The broker said Covid-19 industry claims should be manageable but the disaster makes a broader capacity squeeze more likely.
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The major buyback was completed before the Covid-19 pandemic sparked a market crisis.
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