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HSCM expanded a debt line by $10mn in addition to supporting the fundraise. -
Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
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Nick Godfrey has been made head of capital markets, Jonathan Zisaruk head of legacy, Lauren Johnson president of corporate advisory and solutions, and Nick Triggs a non-executive board member.
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The Zurich-based ILS manager expects to be underwriting some specialty business from 2022.
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The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.
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Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.
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The (re)insurer reported $30.5mn of fee income for the half-year.
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The business acts as a transformer, allowing traditional asset managers the chance to participate on collateralised (re)insurance transactions.
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The broker estimated spreads fell by 15%-20% year on year to return to 2018 levels.
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The new retro fund launched with $98.9mn after an extended development phase.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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Darren Redhead, head of Lancashire Capital Management, said he thought an uplift in industry ILS capacity was “a bit of a one-off" due to Covid-19 releases.
