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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”. -
In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Michael Rich left the portfolio management role in May.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The bond provides protection in France and its overseas territories.
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September was the strongest performing month since the index began in 2006.
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Some $409mn of volume entered the market in the week to 4 November.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The four-year deal is split across three tranches of notes.
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The latest issuance offers a spread range of 650-700bps.
