Sidecars
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The ceded premiums were up more than sixfold after it set up a new sidecar. -
The carrier’s whole-account XoL retro also shrank by a similar margin.
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Alecta said it was "convinced" ILS could produce high-quality, uncorrelated returns.
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The French reinsurer’s vehicle has renewed for the fourth consecutive year.
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The total has come in 19% below the $235mn vehicle listed in 2021.
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The $37.5mn vehicle follows a $42mn launch in 2021.
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The Asia Pacific risk-focused vehicle was a little smaller than the first launch but both are ongoing.
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The reinsurer typically renews the deal in two parts each year.
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The shortage of sidecar capacity could have a knock-on impact to broader renewals.
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
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Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
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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.
