Sidecars

Edward Torres was most recently director of capital markets at PartnerRe but left after the company reworked its ILS offering.

M&A is once again at the forefront of industry minds, as Scor and RenaissanceRe have been fending off bidders and activist investors in recent weeks.

Amundi Pioneer has invested in the new sidecar across several of its funds.

ILS managers and investors are exploring options for investing in Lloyd’s corporate member vehicles, a market that is more traditionally dominated by trade and Names capital.

Canopius is planning to launch an ILS vehicle on 1 January 2019, the company’s Bermuda CEO Charles Craigs said.

ILS investors may push for higher returns from the sector if 2018 proves to be a break-even year, Pioneer ILS analyst Chin Liu said during the Munich Re ILS roundtable in Monte Carlo.

Combined net assets for the High Yield and Interval Funds remained stable at $6.99bn at the end of July, Stone Ridge said.

The Pioneer ILS Interval Fund reached $982.5mn in net assets at the end of July this year, compared to $810.2mn at the end of April.

The city of Osaka sustained most of the losses.

The National Hurricane Center predicted catastrophic freshwater flooding as the eye of the hurricane touched down at Wrightsville Beach.

A marked-down trade of the $500mn Floodsmart Re 2018-1 cat bond may have been cancelled.

Flood risk concerns could mean more drain on the public purse to pay for damages via the NFIP.