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Multi-strategy ILS funds fell to a 0.38 percent loss for the month.
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The reinsurer said the fronting operations were “a very different business” than its own ventures division. -
RenaissanceRe also revealed that it expects its Hurricane Michael losses to be as much as $100mn.
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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller.
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The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.
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Michael McKnight had joined the firm in May this year.
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Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.
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Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.
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The firm’s insurance division took the bulk of its losses.
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The losses are a result of claims from Hurricane Florence, California wildfires, typhoons Jebi and Trami and flood losses in Japan.
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The carrier said Typhoon Jebi and Hurricane Florence will account for most of the claims.
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Reinsurers not doing business with the end investor are dealing with "fake ILS", the Hiscox Re & ILS COO said.
