ILS funds
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The larger fund PK SBB revealed it made a loss of 7.0% in its ILS portfolio for 2020.
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A Schroders report cites diversification as a key driver of investor appetite.
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The investor more than doubled its allocation to Elementum Advisors.
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The group will enable efficient access to less liquid and restricted issues.
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Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
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The city’s pension fund recorded a 3% return from its ILS portfolio in 2020.
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The firm appointed provisional liquidators, with limited “light touch” powers in late September, as it made a buyout offer in the face of legal action.
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The investor has significantly cut back its allocation over the past few years.
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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS.
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Firm says level of protection secured is testament to market interest in mortgage credit risk.
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.