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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.
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The January 2020 sidecar renewal season could emerge as a turning point in the evolution of reinsurer ILS tactics and strategies.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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He will work on growing the firm’s reinsurance partnerships and quota-share relationships.
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People moves in the ILS marketplace
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Sidecar capacity is likely to be down by at least 20 percent year on year after a renewal in which ILS investors have pulled back significant capacity, sources estimated.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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Overall sidecar capacity has been cut by more than 20 percent, sources estimate.
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The Netherlands-based life insurer said it is currently unwilling to bear volatility and will be closing down its $300mn ILS portfolio.
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The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.