Sidecars
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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The insurer remained in underwriting profit despite the winter storm losses.
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One primary vehicle delivered a significant loss but many others are likely to have had their best year since 2016.
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This suggests the Asia-focused sidecar has grown nearly 40% for 2021.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
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One estimate suggested around $2bn of new capacity in private deals.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.