Hiscox
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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CEO Hussain said third-party capital in 2023 remained flat.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The ILS sector grew in the context of 0% interest rates historically.
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Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
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Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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Hiscox is approaching the January 1 reinsurance renewals “with excitement”, and is ready to deploy extra capital if pricing proves sufficiently attractive, the CEO said.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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