Markel to wind down Lodgepine retro ILS fund manager
Markel Corporation has announced that it is winding down Lodgepine Capital Management Limited, its Bermuda-based retrocessional insurance-linked securities (ILS) fund manager, only two years after it was established.
Fast-growing Citizens likely to buy $1bn-$1.5bn more limit in 2022
With a policy count that is forecast to rapidly grow beyond the one-million-mark next year, Florida’s Citizens has indicated to reinsurers that it is likely to buy between $1bn and $1.5bn of additional limit at its 1 June 2022 renewal, The Insurer can reveal.
Axis bolsters ILS unit with Securis and Axa XL hires
Bermudian Axis Capital has named Patrick Witteveen as head of business development at Axis ILS, and Kyle Freeman as head of ILS Structuring, property.
Gallagher Re hires Aon’s Norris as a dedicated cyber ILS broker
Gallagher Re has named Theo Norris as dedicated cyber Insurance-Linked Securities (ILS) broker, as the expansive intermediary continues to bolster its capabilities in the cyber risk space.
Lloyd’s confirms Ontario Teachers’ as first investor on London Bridge ILS platform
Lloyd’s has confirmed that Ontario Teachers’ Pension Plan has become the first investor to provide capital through the market’s London Bridge Risk Protected Cell Company (PCC), with Beazley, CFC and Beat Capital the first insurers to use the pioneering platform, as first revealed by The Insurer in October.
Almost half of Markel’s retro property book transitioned to Lodgepine so far
Markel management has revealed that almost half of its retro property book has been transitioned to its Lodgepine Capital Management operation with a plan for a full transition, while assets under management at Nephila fell by $500mn during the third quarter.
Ontario Teachers’ is backer of new Ledger casualty ILS fund
Canadian pension fund Ontario Teachers’ Pension Plan is the backer of the new ILS fund from Ledger Investing which focuses on investing in casualty insurance risk, The Insurer understands.
Accelerant working with Goldman Sachs on sidecar to sit alongside Bermudian reinsurer
Accelerant is working with Goldman Sachs to raise ILS capital for a sidecar that will sit alongside the new Bermudian reinsurer it has established to assume risk written by its program carrier subsidiaries and place its outwards reinsurance, The Insurer can reveal.
S&P: Reinsurers’ ILS use to rise as sector grows and new perils are addressed
Reinsurers will increasingly utilize the insurance-linked securities (ILS) market in the coming years with the sector’s share of the overall retro market set to increase further and a renewed sector-wide growth spurt potentially on the cards as it evolves and addresses new risks, according to S&P Global Ratings.
Lloyd’s syndicates and Ontario Teachers’ in pioneering London Bridge ILS deal
Beazley, CFC and Beat Capital are the first three Lloyd’s insurers to use the market’s pioneering London Bridge Risk PCC Ltd platform in transactions backed by Ontario Teachers’ Pension Plan, The Insurer can reveal.
UK government launches review into stuttering ILS framework
HM Treasury is currently undertaking a review into the modest uptake of the UK’s onshore ILS regime after it was launched to great fanfare four years ago.
Investors back improved Markel-funded CatCo run-off scheme
Investors have thrown support behind Markel’s proposed buyout transaction for its Bermudian retro fund manager Markel CatCo Investment Management, which will return capital to investors in CatCo’s Bermuda and London funds.
Elementum adds HSMC’s Muschett as actuarial and valuations head
ILS manager Elementum Advisors has hired Jacqueline Muschett from Hudson Structured Capital Management (HSCM) as managing director, head of actuarial and valuations.
ILS Capital Management backs insurtech accelerator MLTPLY
MLTPLY has been launched to invest in and accelerate innovation for insurtech start-ups, with Bermudian firm ILS Capital Management a key investor.
Aon structures and places first Hong Kong cat bond for China Re subsidiary
Aon Securities has structured and placed a $30mn typhoon cat bond sponsored by a subsidiary of China Re, in what is thought to be the first cat bond to be issued from Hong Kong.
Fox: TigerRisk’s Ronda hire creates “best leadership team in our industry”
TigerRisk has confirmed the hiring of Tim Ronda from Aon’s Reinsurance Solutions in a move it says strengthens the risk, capital and strategic advisor as an “elite player” in the reinsurance marketplace.
US agencies end Markel CatCo loss reserve probe
Markel has revealed that the US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) will not take any action after finishing their inquiries into loss reserves at Markel CatCo Re Ltd, with the insurer also stating that there are no pending requests from the Bermuda regulator.
S&P: Retro cyber capacity shortage holding back sustainable market
While cyber rates could increase 100 percent for some policyholders in the next two years, limited capacity at every level of the market, and especially retrocession, could hold back the development of a sustainable market, according to a new report from S&P Global Ratings.
Ledger launches casualty ILS fund to bring alternative capacity to MGAs
Ledger Investing has launched an ILS fund called Nanorock Fund focused primarily on investing in casualty risks that will bring multi-year capacity to MGAs as well as program insurance companies looking for an alternative to traditional reinsurance.