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Chaucer is working to establish a new sidecar for 2018 as other Lloyd's (re)insurers consider new third-party capital vehicles, sources said.
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Shrinking hedge fund Pine River Capital Management has shut its ILS desk, joining the ranks of generalist asset managers that have retrenched from the sector, Trading Risk revealed this month.
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Lloyd's insurer Brit lifted its reinsurance expenditure by 30 percent year-on-year to $323.6mn in the first half of 2017, driven by increased use of quota shares and recognising the full premium spend on a two-year group catastrophe aggregate cover.
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Flood and crop risk has been an area of initial success in offering AlphaCat investors access to a broader range of perils, Validus executives said on an earnings call.
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Barbican's group leader of property treaty business Aaron Coates has resigned and is expected to join Twelve Capital later this year, sources said
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Bermudian (re)insurer Aspen wrote 26 percent less gross catastrophe reinsurance premium in the second quarter compared to the same period last year, while its overall reinsurance book stayed largely flat at $335.6mn.
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RenaissanceRe reported $19.8mn of net income from fees and profit commissions on property business written for third-party investors during the second quarter.
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RenaissanceRe sidecar DaVinci Re reported a 27 percent year-on-year increase in net income to $47.1mn in the second quarter, as the reinsurer benefited from low catastrophe activity
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Everest Re reported higher fee income from its Mt Logan Re sidecar due to favourable catastrophe activity in the second quarter, as the reinsurer revealed it had restructured its Florida reinsurance portfolio at the mid-year renewals
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Everest Re reported a 17 percent year-on-year jump in gross written premium during the second quarter, which reached $1.6bn, as its reinsurance top line rose 14 percent with insurance business up 25 percent.
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The top 10 ILS managers lifted their assets under management (AuM) by 8 percent in the first half of 2017, taking the group's collective capital base to $56.5bn, according to Trading Risk records.
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RenaissanceRe and Swiss Re remained the two biggest carriers on the $1bn reinsurance programme bought by the Florida Hurricane Catastrophe Fund (FHCF) in 2017.
