Sidecars

He will have a similar mandate at New York-based One William Street as he had at recently-sold hedge fund BlueMountain.

It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.

A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.

The carrier's Sector Re sidecar has now reached roughly $1bn in size.

Neon blamed the move on retro costs outrunning projected increases in its incoming business.

The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.

More than 150 homes have been destroyed as fires blaze across New South Wales and Queensland, according to reports.

Currently, most people trying to describe the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles.

The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.

The reworked guidance comes as the Bermuda regulator clamps down on use of special purpose insurers.

It will be many months before the $11bn payout agreed between Pacific Gas and Electric Company (PG&E) filters through to the (re)insurance and ILS markets, with this lump sum likely to benefit some parties more than others.

A drive to offer standardised Lloyd's ILS products must be balanced against the need to be flexible, market participants have said.