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The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires. -
Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
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After raising around $150mn to open its Nanorock fund, Ledger Investing believes casualty business is set to capture more investor interest.
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The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.
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The firm has hired former head of specialty at Ariel Re, Amit Shah.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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The broker is developing solutions to accurately quantify intangibles including IP
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ILS Capital Management has backed the launch of a new InsurTech incubator, Mltply, which will offer fronting and reinsurance capacity to start-ups as well as venture capital and infrastructure support.
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Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.
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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS.
