Sidecars

Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal.

The ILS market has broadly welcomed moves by the Bermuda Monetary Authority (BMA) to create a new collateralised insurance vehicle, but opinions vary on whether the new rules will prove to be onerous.

Catalina, Premia and a consortium made up of Compre and Hudson Structured are among the bidders through to the second round of the sale process for the Standard Syndicate and Charles Taylor’s Lloyd’s business, sister publication The Insurance Insider reported.

Swiss Re has increased the capacity of its Sector Re sidecar to $670mn, despite a tightening of the wider retro market.

The Pennsylvania Public School Employees’ Retirement System (PSERS) fund nearly doubled its ILS investments as it reloaded after the 2017 catastrophe losses, taking its holdings in the sector to $803mn at 30 June 2018.

Ultimately, with advantages and challenges in any ownership situation, the parentage of an ILS platform is not going to be the determining factor in its success.

The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.

The reinsurer is pitching its listed fund as a shell acquisition opportunity, according to sources.

The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.

M&A deals have resulted in reinsurer affiliated businesses overtaking the market share of independent ILS firms, but asset managers have also grown their share via new launches since 2014.

The fund’s net assets shrank by $4.4mn over the period.

One of my colleagues with an affection for Denis Kessler’s turn of phrase once labelled him the Beyonce of the reinsurance world.