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The US pension fund heard pitches from four ILS manager finalists at its board meeting in May in a selection process following a request for proposals issued last October. -
Greg McBride joins the firm after nearly 18 months at Mt Logan Re.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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The InsurTech uses AI to calculate the severity of extreme weather events.
