Credit Suisse Insurance-Linked Strategies
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Diversification in perils and regions can help the market grow.
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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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The move gives Credit Suisse a UCITS cat bond fund alongside its existing ILS products.
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The ILS manager is in cost-cutting mode as assets shrink, but the run-off may lead other ILS managers to reconsider their tactics with rated platforms.
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The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The pullback from incumbent backer Credit Suisse is influenced by concerns over returns against a long-term capital lock-in, as the manager’s AuM has shrunk.
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The departures follow a review of the Credit Suisse-backed firm’s underwriting strategy which will see it focus on bigger lines across a smaller client set.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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AM Best said Kelvin Re and Humboldt Re were targeting lower levels of underwriting risk in 2020.
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Credit Suisse has been reshaping its ILS team after transferring reinsurance underwriting to its Bermuda-based platform Bernina Re.
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The senior underwriter had worked at the firm since 2015.
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Benjamin Jacquet has worked at the company for just over three years
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If underwriting results do not improve in the medium term, negative rating action is likely.
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Ross will start immediately at the Bermuda-based Credit Suisse affiliate.
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Turner will be leading the £30bn Railpen pension scheme’s ILS allocation, which is managed by Credit Suisse ILS.
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The former Swiss Re executive joins after the firm's former head of life left in late 2018.
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Bernina Re will become the ILS platform's flagship underwriting unit with asset management responsibilities remaining in Zurich.
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AIG had $550mn of cover for Japanese losses, analysts at Credit Suisse noted.
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The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.
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The former MS Amlin executive will lead Credit Suisse ILS’s Bermuda reinsurance vehicle.
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The legacy fund uses ILS Property & Casualty Re II and Armour Re to write business.
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It is more efficient for ILS managers and cedants to be able to give collateral clawbacks, the Credit Suisse ILS head has argued.
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Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.
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