Stone Ridge Asset Management
-
The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
-
The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
-
The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
-
The former chairman and CEO of New York Life will support the asset manager in developing strategies that harness longevity pooling.
-
The transaction is the first proportional deal for cyber risk in the capital markets.
-
The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
-
Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
-
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.
-
The fund’s prospectus showed 2017 was its only negative year since 2014.
-
The cat bond-focussed High Yield fund made a smaller annual gain of 2.2% but drew in more investors.
-
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.
-
The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.
-
The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
-
As its Interval fund has continued to shrink, the manager has taken in private fund assets for both cat and non-cat risks.
-
The manager made limited reinvestments in sidecar vehicles within its Interval fund.
-
Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
-
The sidecar investor is still working through a backlog of investor redemptions.
-
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.
-
May redemption requests worth about 25 percent of the fund were stable on levels sought in February.
-
Stone Ridge’s Interval fund has shrunk due to catastrophe events and investor redemptions.
-
The New York-based asset manager received an increased level of requests for redemptions from investors in its Reinsurance Risk Premium Interval Fund this quarter.
-
A key question is whether retro dislocation will spill over into reinsurance renewals.
-
The final couple of months of 2018 brought further pain for sidecar investors.
-
A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
Most Recent
-
Beazley to offer additional follow capacity via Ki
28 March 2024 -
Brit returns $20.8mn to third-party investors in 2023
27 March 2024