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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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The two tranches of notes will expire in October 2024.
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The sidecar investor's reinsurance funds fell by $1bn in its financial half-year. -
The sidecar’s loss ratio improved by 30 points year on year.
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The issuance follows renewal of the Hong Kong-based reinsurer’s sidecar at $77mn in January.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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The sidecar investor kept its major stake in Munich Re’s Eden Re vehicle stable but made few new investments in the latest renewals.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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This is the first time premium income has outpaced claims in three years.
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The reinsurer joins a large panel of providers for the Dutch firm as it has been growing its third-party assets.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
