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Retro fundraising hits the wall, with Eklund downing tools on start-up.
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Panellists at Trading Risk’s conference in New York said they were adopting a wait-and-see approach to Lloyd’s Blueprint One proposals intended to make it easier for ILS managers to participate in the market.
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The former RenRe and Aeolus executive had been in talks with Warburg Pincus over a new retro fund platform.
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Liquid products such as cat bonds are likely to benefit in both Q4 and 2020, said Willis Securities’ Bill Dubinsky.
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The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.
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Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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The legacy insurer is mulling a Bermuda vehicle to help it access North American deals.
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Parent asset manager Apollo is set to nearly double its stake in the life insurer.
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Lloyd's syndicates are hugely reliant on reinsurance and retrocession to manage their catastrophe exposures – so the Corporation's plans to help make it easier for players to source ILS capacity couldn't come soon enough.
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Aggregate retro lock-ups will be a major point of focus for the ILS market.