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James Mackay had recently worked raising funds for Beazley’s SmartTracker facilities syndicate.
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The size of the vehicle was not disclosed.
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The latest deal will provide the carrier with retro cover, Trading Risk understands. -
The new vehicle managed to launch amid a challenging fundraising market.
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The broker’s global catastrophe rate-on-line index showed property reinsurance rates fell by 1.2 percent at 1 January.
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Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.
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Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Merion Square will invest in property and casualty insurance, annuities and mortality-related ILS products.
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News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
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Steep reserve deterioration may reduce confidence in the fund’s reserving process, Jefferies analyst said in a recent note.
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This publication retraces the series of loss predictions made by the manager for its listed Reinsurance Opportunities Fund over the past year.
