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The company’s investors were now more diversified, CEO Albert Benchimol said in an earnings call. -
If the ILS market is all about convergence, is it still a worthwhile task to try to create dividing lines within the market, or is a movable border a better representation of messy reality?
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The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.
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This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.
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The year also produced a “blurring of lines within the space”, the broker said.
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Marvin Pestcoe replaces Craig Fowler who was appointed CEO of the start-up in March.
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A key question is whether retro dislocation will spill over into reinsurance renewals.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The final couple of months of 2018 brought further pain for sidecar investors.
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The fund manager’s scarce capacity contributed to a generally difficult retro renewal at 1 January for buyers
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Assets under management fell by around $5bn.
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The Bermudian specialty carrier also announced that it had strategically increased the use of its third-party capital.
