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||â€˜Recordâ€™ 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&Câ€™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.