Sidecars
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The Cayman Islands entity raised $2.4mn last June.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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The vehicle is 52% larger than it was at launch 3 years ago
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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The represents Golub Capital’s first insurance sidecar transaction.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The first edition of the vehicle has generated fee income of $29mn to date.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.
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The aim was to provide proof of concept for the securitised tokens.
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The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The MGA is seeking to double premium from $1.5bn over the next four to five years.
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The WR Berkley vehicle takes a 30% share of its reinsurance placements.
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The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The vehicle was upsized by 20% from 2022.
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The sidecar has stepped down in size over the past three years.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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ILS risk-sharing should stick to peak risks, the reinsurer argued.
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Through a quota share deal, FlyWheel will enable investors to support Accelerant’s portfolio of low-limit, low volatility commercial SME primary risks.
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The Bermuda sidecar has upped the proportion of deals it participates on to 30%.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The segment’s lustre has been dulled by losses and capital trapping.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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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.
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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.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The reinsurer raised $16mn from a new sidecar issuance.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
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The total value of Eden Re has fallen 17% compared with 2020.
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The vehicle is the first sidecar launched in Singapore and will cover regional risks.
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Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
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The identity of Phoenix Re’s cedant and the type of transaction remains unclear.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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The initial $55.1mn bond is slightly above the equivalent December 2019 issuance.
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The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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Returns could remain at that level if the current period remains loss free.
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RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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The sidecar's asset base has fallen by around $140mn in the past year.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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The growth follows the reinsurer expanding its relationship with PGGM.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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The two tranches of notes will expire in October 2024.
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The sidecar investor's reinsurance funds fell by $1bn in its financial half-year.
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The sidecar’s loss ratio improved by 30 points year on year.
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The issuance follows renewal of the Hong Kong-based reinsurer’s sidecar at $77mn in January.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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The sidecar investor kept its major stake in Munich Re’s Eden Re vehicle stable but made few new investments in the latest renewals.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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This is the first time premium income has outpaced claims in three years.
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The reinsurer joins a large panel of providers for the Dutch firm as it has been growing its third-party assets.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The January 2020 sidecar renewal season could emerge as a turning point in the evolution of reinsurer ILS tactics and strategies.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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He will work on growing the firm’s reinsurance partnerships and quota-share relationships.
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Sidecar capacity is likely to be down by at least 20 percent year on year after a renewal in which ILS investors have pulled back significant capacity, sources estimated.
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Overall sidecar capacity has been cut by more than 20 percent, sources estimate.
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The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.
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The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.
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The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.
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Peak Re was able to increase sidecar cover for its global property reinsurance risk portfolio amid stalling ILS capacity this renewal.
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It has raised a preliminary $54.6mn of debt for the vehicle, which provided $300mn of limit last year.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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He will have a similar mandate at New York-based One William Street as he had at recently-sold hedge fund BlueMountain.
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A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
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The carrier's Sector Re sidecar has now reached roughly $1bn in size.
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The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.
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Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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Parent asset manager Apollo is set to nearly double its stake in the life insurer.
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The Apollo-owned third-party funds vehicle has raised $1.5bn as of August.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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Sidecar renewals have already begun kicking into gear with new potential sponsors and buoyant demand expected.
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Michael Halsband was formerly a partner at Drinker Biddle & Reath.
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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said
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Sidecar sponsors may turn more to the private market in 2020 and face continued pressure on terms as capacity is expected to remain tight for pro rata support, according to experts.
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The sidecar investor is still working through a backlog of investor redemptions.
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The firm’s third-party capital total includes $600mn from the Harrington Re joint venture.
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Do we need new labels for the different types of ILS managers that exist?
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests.
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The firm launched last year with $50mn of capital from a pension plan investor.
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The fund delivered an investment loss of 7.56 percent in the half-year to 30 April.
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The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.
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Ken Randall has stepped down from the role but stays with the group as chairman.
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The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.
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The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.
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Losses taken by the Everest Re sidecar more than doubled year on year.
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The DaVinci Re result drove net income from $29.9mn in the first quarter of 2018 to $70.2mn at the end of Q1 this year.
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The carrier completed 17 legacy acquisitions and reinsurance deals in 2018.
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Shortfalls in retro capacity are not impacting all vehicles, said Tangency Capital co-founder Michael Jedraszak.
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The sidecar was established in 2017 to provide support for Hamilton Re’s reinsurance portfolio.
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The vehicle will take a 25 percent quota share of the reinsurer’s property catastrophe portfolio.
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What does it say about the insurance market that for every new fund or facility that is launched as a passive or index tracker-style initiative, it seems that another existing one is unwound?
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The tiny retro vehicle supporting the Florida reinsurer was wiped out, as Oxbridge’s premium income fell significantly in 2018.
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The $50mn ILS vehicle of Fidelis, led by CEO Richard Brindle, was launched on 1 June 2018.
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Juan Prado was previously a senior vice president at RenaissanceRe Ventures.
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The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.
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