Collateralised reinsurance
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Covid-19 and ILS strategies: locking down diversification benefits.
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The deal marks the MGA’s first foray into assuming underwriting risk.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said.
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The launch will bring collateralised reinsurance transforming in-house.
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The platform aims to improve the liquidity of collateralised reinsurance.
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Demand for collateralised reinsurance could rise in June and July if cedants set the right price, the ratings agency said.
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The Veraton Re vehicle is linked to Brad Chance, a North Carolina-based investor.
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Climate change and ILS strategies: reshaping the market's response
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Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
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The Limited Purpose Insurer framework was set up earlier this year.
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A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
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Christopher Harris, who also held senior positions at Montpelier Re, has made the move to Hudson Structured Capital Management's advisory board.