Sidecars

New owner AJ Gallagher will be able to support tech and other investments in the ILS platform.

The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.

The Apollo-owned third-party funds vehicle has raised $1.5bn as of August.

The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.

The manager made limited reinvestments in sidecar vehicles within its Interval fund.

A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.

As more ILS managers look into setting up rated platforms, commentary from two of the latest firms considering this move highlights the variety of motivations that are driving the trend.

The availability of new capital – or the lack thereof – was a hot topic at the Monte Carlo Rendez-Vous.

The retro market needs to deliver better transparency to attract investors, but a roundtable of senior executives was split on the outlook for the roughly $20bn market.

Sidecar renewals have already begun kicking into gear with new potential sponsors and buoyant demand expected.

ILS investors are unlikely to foot much of the bill from Hurricane Dorian due to the market’s low exposure to Caribbean business, according to sources.

The ILS market’s shift toward lower-attaching risk in the past decade meant it had much higher exposures to the 2017/18 losses than to the last active hurricane season in 2004/05.