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Sidecars

  • Hannover Re said that it had bought $550mn of retro limit for 2017 through its K-Cession quota share, up from $500mn last year.
  • Reinsurance lawyer Michael Halsband has been elected a partner of Drinker Biddle & Reath, the law firm has announced
  • RenaissanceRe grew its Upsilon funds platform by a net $92.3mn in January, it disclosed in fourth quarter results that included $60.1mn of losses from Hurricane Matthew
  • Further detail has emerged on RenaissanceRe's new $140mn Fibonacci Re vehicle, which has been described as a hybrid cat bond/sidecar facility
  • Use of leverage by insurance-linked securities (ILS) managers is growing and could boost the availability of reinsurance limit from the market in the coming year, according to the latest ILS market update from Willis Capital Markets and Advisory (WCMA).
  • The earthquakes that hit central Italy in late October last year are now expected to generate a property insurance market loss of EUR125mn ($134.2mn), according to loss aggregating agency Perils
  • Annualised sidecar returns dropped to the low teens towards the end of 2016, as the softening market and catastrophe losses took a toll on performance.
  • PartnerRe established a new retro sidecar, Mercalli Re, at the 1 January renewals, sources told Trading Risk.
  • The top 10 ILS fund managers have exceeded $50bn in assets under management (AuM) for 2017, as they posted their fastest rate of growth in the past two years in the run-up to the 1 January renewals.
  • Brit has expanded the capacity from its Versutus sidecar by a third to $110mn for 2017, it announced today
  • Stone Ridge Asset Management secured $2bn of capital commitments for its new post-event reinsurance fund throughout 2016, according to the company's latest annual report.
  • Reinsurers eager for rates to stabilise in the 1 January renewals had their hopes dashed, according to the 1st View Renewals Report from Willis Re.
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