Reinsurance company capital markets, ILS and third-party reinsurance capital management initiatives

The list below shows some of the world's leading reinsurers and the activities they are undertaking in ILS and third-party reinsurance capital management.

This is not an exhaustive list of every insurer or reinsurer with capital market units or ILS activities. We've started with a list published by broker Aon Benfield as part of its Aon Benfield Aggregate report, then added links to our coverage and a few extra initiatives or deals. If you can think of additional items to include please contact us.

Company Third-party capital vehicles Catastrophe Bonds Other
ACE Altair Re formed with $95m of third party capital to provide collateralized capacity for ACE Tempest Re (Apr 2013). Altair Re II formed again with $95m of capital (Jan 2014).
Achmea Reinsurance Company N.V. Windmill I Re Ltd. (Dec 2013)
Alleghany Pangaea internal sidecar facility; Transatlantic is exploring alternative arrangements Partnerships with Ares Management (July 2013) and Pillar Capital (Dec 2012)
Allied World Partnership with Aeolus Capital (Dec 2012). $83m in collateralzied quota share with Aeolus Re. Participation increased for 2014.
Amlin Special Purpose Syndicate 6106 (since 2009) Tramline Re II Ltd cat bond (Jun 2013). Tramline Re Ltd cat bond (Dec 2011). Longstanding partnership with Leadenhall Capital (May 2008).
Arch Launched Watford Re alongside Highbridge Principal Strategies (Apr 2014) Arch owns 15% of Watford Re and will conduct all the underwriting; Watford Re will write a QS of Arch's property cat book
Argo Renewed property insurance & reinsurance sidecar Harambee Re (Jan 2014) Loma Re (Dec 2013) Formed ILS fronting partnership with Horseshoe Re (Mar 2014)
Aspen Launched collateralized QS sidecar Silverton Re with $65 million of capital (Jan 2014) Formed Aspen Capital Markets (Apr 2013);$100 million invested in third party vehicles
Axis Formed Axis Ventures with $50m of capital to write collateralized reinsurance (Jan 2014) Northshore Re (Aug 2013) Ben Rubin (ex-BoAML) appointed EVP Capital Markets (Jun 2013);peak exposures being cut via ILWs and additional retro
Beazley Special Purpose Syndicate 6107 (since 2010) Considering options
Catlin PPV provides collateralized reinsurance support for non-syndicate entities (Jan 2014); SPS 2088, 6111, 6112 (from 2012); SPS 6119 (from 2014) Galileo Re (Oct 2013) Catlin benefits from $300 million of third party capital support in 2014
Endurance Jerome Faure (ex-ILS Capital) appointed CEO Global Reinsurance (Feb 2013)
Everest Re Mt. Logan Re (formed Jan 2013) provides $370m of collateralized property cat capacity (Jan 2014) Kilimanjaro Re (Apr 2014) David Whiting hired as CUO of Mt. Logan Re (Nov 2013); purchased ILW retro to reduce Florida PML (Jun 2013)
Hanover Re Multiple sidecar sponsors Multiple cat bond sponsors Opened internal ILS fund to third parties via Leine Investment (Jan 2013)
Hiscox ‘Record’ third party support for Hiscox Re in 2014; SPS 6104 (since 2008); Kiskadee Re formed to write collateralized reinsurance (Apr 2013) $110m deployed via collateralized ILS funds (Feb 2014); partnership and $30m investment with Third Point (Oct 2012)
Lancashire Kinesis Re I Ltd, multi-class collateralized special purpose insurer with $250m of limit deployed (Jan 2014); Accordion/Saltire sidecars (2012/13) Darren Redhead (ex-DE Shaw) appointed to head Kinesis Capital (Mar 2013)
Markel Collateralized retro sidecar New Point Re VI launched with $215m of capital (Jan 2014)
Montpelier Re Collateralized property cat reinsurance via Blue Water Re and Blue Capital Re Blue Capital has $600m of collateralized reinsurance assets (Feb 2014);Daniel Brookman (ex-Barclays) hired as Head of Capital Markets (Jan 2014)
Munich Re Special purpose vehicle Eden Re provides $63m of aggregate XL capacity for 2014 Multiple structure and sponsor of cat bonds Third party ILS transactions doubled to $1.2bn in 2013; has operated an internal ILS fund for 6+ years; increased retro purchases in 2013 and 2014
PartnerRe Lorenz Re formed with $75m of third party capital to provide additional collateralized property cat capacity over a multi-year period (Mar 2013) Has operated an internal ILS fund for several years
Platinum Purchased $50m of non-traditional cat cover in 2Q has ceded $75m of premium and reserves to Third Point Re since Oct 2012 Reinsurance transaction with Third Point Re (Oct 2012)
QBE VenTerra Re (Dec 2013)
RenaissanceRe Multiple sidecar sponsor; Upsilon Re renewed with $280m, targeting primarily structured aggregate reinsurance and retro on a worldwide basis (Jan 2014) Mona Lisa Re (Jul 2013) Internal ILS fund Medici opened to third parties (Jun 2013)
SCOR Sidecar Atlas X ($55m of capital) provides 3 years of collateralized QS capacity to SCOR Global P&C’s property cat book (Jan 2014) Multiple cat bond sponsor Atropos launched in 2011 with $100m of seed capital; the ILS team offers 4 funds to third party investors
Swiss Re Sector Re sidecar series Multiple cat bond structurer and sponsor No plans to open internal ILS fund to third parties
Tokio Millennium Re AG Omamori Jan (2014)
Validus Collateralized property cat and retro via AlphaCat Re sidecar series ($204m of limit fully deployed in Jan 2014); top layer cat written via PaCRe (owned 10%) AlphaCat (formed in 2008) had $1.6bn of assets under management at Jan 2014
White Mountains Formed Class 3 Bermudian insurer Alstead Re to write collateralized reinsurance and retro (Sep 2013) Launched Sirius Capital Markets (May 2013); formed Bermuda investment manager (Aug 2013) Sirius Capital Markets headed by Michael Halsband (ex-Deutsche Bank) and Deanne Nixon (May 2013)
XL New Ocean will invest in a special purpose reinsurer formed for the purpose of underwriting worldwide collateralized property cat XL. XL and Stone Point will commit $135m of seed capital to establish a Bermuda-based ILS manager (Jul 2013); Craig Wenzel (ex- Deutsche Bank) appointed SVP Capital Markets (Dec 2012) New Ocean established in partnership with Stone Point; Chris McKeown hired as CEO (Nov 2013)

- Also see our list of reinsurance sidecars.

- Visit the Artemis Deal Directory for details of every catastrophe bond ever issued.














Jardine Lloyd Thompson Capital Markets