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Sidecars

  • The Pioneer ILS Interval Fund returned 11.23 percent for the year ending 31 October, as the fund's net assets reached $161.7mn by the end of the period.
  • Liberty Mutual has raised $160mn of investor capital for Limestone Re, a multi-year collateralised reinsurance vehicle that will support the company's US property catastrophe, homeowners' and London market specialty insurance portfolios.
  • US property cat reinsurance pricing is set to continue sliding in the January 2017 renewals, with additional pressure on the retrocession sector as well, sources told Trading Risk.
  • RenaissanceRe has announced several management changes that include Aditya Dutt, president of RenaissanceRe Ventures, taking on the additional role of the company's treasurer next year
  • Aspen Re sidecar Silverton Re has expanded to $130mn in size for 2017, the reinsurer announced today
  • City National Rochdale, an investment adviser for high net-worth individuals and families, has launched the Reinsurance Premium fund that will target investments in the tradeable side of the ILS market.
  • The $49bn Pennsylvania Public School Employees' Retirement System (PSERS) pension fund selected RenaissanceRe as its third ILS manager in the 2015-2016 financial year, according to its annual report.
  • Pangaea Re sidecar sponsor TransRe is expected to take a roughly half share of Hurricane Matthew losses borne by its parent company Alleghany, which the company said should be less than $75mn.
  • Georgia hit with $90mn+ Matthew loss; Q3 cats impact United Insurance; Top Layer forex loss hits RenRe; RenRe puts Matthew loss at $75mn; Insured Canterbury losses reach $13.6bn; Q3 income dips at Blue Capital
  • Indicative reinsurer sidecar returns for 2016 have dropped into the single-digit range, highlighting the impact of catastrophe losses recorded earlier this year
  • Reinsurance buyers speaking at the Trading Risk New York Rendez-Vous were split on whether sponsoring cat bonds would offer them the benefit of lower rates, as they debated the dip in ILS issuance this year
  • Lancashire earned $2.7mn of profits from its Kinesis sidecar during the third quarter of 2016, on par with the figure recorded in the same period last year.
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