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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