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As its Interval fund has continued to shrink, the manager has taken in private fund assets for both cat and non-cat risks. -
The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.
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The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.
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The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.
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Ali will take charge of Hamilton’s future cat bond placements, having been involved in the recent renewal of its sidecar Turing Re.
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Both tranches of the transaction priced at the bottom of the guidance range.
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Neon was the first to launch an ILS structure using the UK's new ILS legislation in 2018.
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Peak Re was able to increase sidecar cover for its global property reinsurance risk portfolio amid stalling ILS capacity this renewal.
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The fund recorded a 2.61 percent return for 2019.
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The broker’s 1st View report highlighted diverging reinsurer tactics and segmented renewal outcomes.
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Pricing across the deal has slipped 1.5-3.2 percent, according to sources.
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It has raised a preliminary $54.6mn of debt for the vehicle, which provided $300mn of limit last year.
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