Investors

The move follows an ongoing battle between board members and staff over investment tactics, according to local reports.

The insurer said the European flooding loss did not qualify as a European windstorm for the purpose of the transaction.

The monthly loss on the Eurekahedge ILS Advisers index accelerated from 0.4% in August.

The fund acted on advice from Aon Hewitt Investment Consulting.

The pension insurer is seeking others to form an investor group challenging a Markel buyout.

Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.

The consultant recommended the pension fund allocate $95mn to Pillar in 2022 after pulling a $41mn mandate from Nephila.

One of the ongoing trends within the ILS market over past years has been an increasing demand from existing investors to look for something different within their portfolio.

Local government pensions funds in the UK are partnering up, creating new strategies and may seek diversification.

Just a few months into 2021, the first natural-disaster headlines of the year are already occupying the minds of ILS insurance risk-takers. The snowstorms that brought freezing conditions to Texas will be a challenging event to evaluate for a number of reasons.

The company said the funds raised would kick-start its effort to become a full-stack insurer.

It will also encompass impact investment manager BlueOrchard, although the microfinancier will keep its independent identity.