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January 2018 opened the year of the “great reload” for ILS managers.
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Trading Risk view: investor fatigue
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Retro buyers are unclear over how much capacity Markel Catco will have to renew its January 2019 portfolio.
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An annualised 5 percent loss since inception incorporates the retro fund's share price return.
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The corporate finance adviser has held roles at Deutsche Bank, Citigroup and Morgan Stanley.
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The firm paid out just over a third of redemption requests in November, indicating investors sought to redeem 15 percent of its share base, sources said.
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Losses ceded to the sidecar amount to $182.4mn for the first nine months of the year.
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A year on from the “great ILS reload” of 2017, there are signs that the market’s capacity could be static or even lower as 2019 begins.
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Stephen Catlin and Paul Brand are working with Evercore and at least one investment bank to raise $3bn.
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The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.
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The fundraising takes the investment manager’s life ILS asset base to more than $2.5bn.
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I don’t know how widely known Kellogg’s “Just Right” cereal may be outside the antipodean market, but it has a marketing slogan that came to mind when I was thinking about reinsurance reserves this week, believe it or not.