Credit Suisse Insurance-Linked Strategies
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The firm has posted a combined ratio of 75.4% for 2022.
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products.
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The rival Swiss bank did not have an ILS operation.
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Baltesar worked for Hiscox Re and ILS before joining Credit Suisse ILS in 2019.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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Aeolus must return the held collateral to Credit Suisse.
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The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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The firm said a process to try to sell the insurer was underway.
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The syndicate’s net earned premium halves to £34mn.
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