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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully. -
The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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Bernard Opoku will replace Jeff Sangster as CFO effective 1 October.
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Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
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The rating follows a $25mn debt financing for the company in June last year.
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A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
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Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
