ILS funds
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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The Guernsey legacy carrier is working with an independent valuer.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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The bond will provide protection from named storms in Florida for three years.
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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
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The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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Schwartz will set the firm’s investment process on its ILS, equity and debt strategies.
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The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The Eurekahedge ILS Advisers Index has posted the strongest performance for October since it started in 2008.
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ILS managers are still waiting for hard market growth.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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Artex hopes the rebrand will bring greater efficiency and a higher level of service to clients
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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De Klerk spent a decade at Artex Risk Solutions, where he created special purpose insurers and closed cat bonds.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
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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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Mortgage ILS issuance has totalled $787.2mn so far this year.
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The manager has made four appointments including two internal promotions.
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The fund has been adapting its investment strategy in light of inflation and rising interest rates.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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The recent ILS start-up was the only new mandate for 2022 after the Dutch firm had added two new mandates in 2021.
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The fund is on course for its strongest year of returns since inception in 2014.
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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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Private ILS outperformed cat bonds in August, as hurricane season earnings began to kick up a gear.
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The Elementum executive told Trading Risk New York that “appropriate returns” over time were the key to a sustainable ILS market.
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ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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The move comes as investors are on track to reject a bid from Liontrust.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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Howden Tiger worked on the structure of the deal with the unnamed syndicate.
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The firm has posted a combined ratio of 75.4% for 2022.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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