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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn. -
The combined ratio included 17 points of catastrophe losses in the third quarter.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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The ILS allocation increased in dollar terms and held steady in euros.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The ILS industry alumnus is understood to have two ILS investors lined up.
