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The new retro fund launched with $98.9mn after an extended development phase. -
The reinsurer had previously signalled it would grow its net reinsurance portfolio after deploying less third-party capital.
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Firm CEO Dino Robusto revealed the news on its Q2 earnings call.
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Early indications point to a loss quantum of $1.4bn but insurers’ portfolios are well diversified.
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The insurer follows Allianz in reporting a loss that implies reinsurance has been triggered.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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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.
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The modeller said repairs to infrastructure could run into months.
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CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.
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The insurer grew its top line by 41% in the first half of 2021.
