Stone Ridge Asset Management
-
The more cat bond focussed vehicle added just under $300mn in the half-year.
-
Hank Greenberg’s Starr Insurance and Liberty Mutual have invested in the service provider, which will enable bitcoin-powered P&C solutions.
-
The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
-
The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
-
Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
-
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.
-
Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
-
The loss-hit fund’s NAV has increased more than five-fold to $40 a share since the stock merge.
-
Investors collectively tried to redeem more than a third of the $3bn fund.
-
The major buyback was completed before the Covid-19 pandemic sparked a market crisis.
-
The sidecar investor kept its major stake in Munich Re’s Eden Re vehicle stable but made few new investments in the latest renewals.
-
The Diversified Alternatives fund will invest in ILS deals and alternative lending, real estate and other sectors.