Stone Ridge Asset Management
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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. -
The segment’s lustre has been dulled by losses and capital trapping.
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The fund’s prospectus showed 2017 was its only negative year since 2014.
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The cat bond-focussed High Yield fund made a smaller annual gain of 2.2% but drew in more investors.
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The more cat bond focussed vehicle added just under $300mn in the half-year.
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Hank Greenberg’s Starr Insurance and Liberty Mutual have invested in the service provider, which will enable bitcoin-powered P&C solutions.
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The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
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The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
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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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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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Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
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The loss-hit fund’s NAV has increased more than five-fold to $40 a share since the stock merge.
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