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The firm is hoping to find ILS capacity to support a facility covering up to £700m of premiums drawn from across its book. -
Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.
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Losses from Hurricane Michael and the California wildfires brought the reinsurer’s non-life combined ratio up to 108.7 percent.
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The insurer passed on $17.7mn of major losses to third party investors in 2018.
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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.
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At $1.05bn, the Everest Re sidecar has remained stable throughout 2018.
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The reinsurer said it had had to pay an increase on its loss-hit aggregate retro cover.
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Both Axis and RenaissanceRe significantly lifted fee income from third-party partners in 2018 as increased volumes and reinstatement income drove more business to be transferred to ILS partners.
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The Merion Square ILS fund launched by Rewire Securities and Vida Capital will have the flexibility to invest in a wide variety of insurance instruments covering risks ranging from natural catastrophe to mortality to cyber, CEO Stefano Sola said.
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Arguably the single biggest challenge to face reinsurers attempting to attract third-party ILS capital is nothing to do with engaging in fundraising, estimating monthly valuations, or any of the operational facets of asset management.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019.
