capital markets

Gálapagos Capital Sociedade Seguradora de Propósito Específico S.A., the Brazil based SSPE or special purpose reinsurance vehicle that can issue Letra de Risco de Seguro (Insurance Risk Letters) and is owned by global investment company Galapagos Capital, has completed issuance of the largest transaction under Brazil’s insurance-linked securities regime so far.

Northern Re, the collateralized reinsurance company that provides investors with access to the returns of its long-tail casualty underwriting business, has announced the hiring of Tarek Frahi as Head of Data Science, a move designed to help the company enhance its modelling and analytical capabilities.

Ariel Sociedade Seguradora de Propósito Específico S.A. (Ariel SSPE) will be the third insurance-linked securities (ILS) structure in Brazil, harnessing the country’s regulations to become an independent issuer of Letra de Risco de Seguro (Insurance Risk Letters), Brazil’s own brand of ILS instrument.

Nectaris Re Ltd., the Class 3A Bermuda-based rated reinsurance platform backed by specialist insurance linked securities (ILS) and reinsurance investment manager Leadenhall Capital Partners LLP, continued to report solid underwriting results for a third consecutive year in 2025, according to a rating affirmation from AM Best.

As alternative capital continues to integrate further into the global reinsurance market, in order for this to be truly sustainable the sector must prioritise better modeling, greater transparency and careful sequencing of product development so that capital can be deployed where it strengthens resilience, according to Laurent Rousseau of Guy Carpenter.

W. R. Berkley Corporation, the US-headquartered insurance holding company, once again reported higher premiums being ceded to its Lifson Re collateralized reinsurance sidecar for Q1 2026, while the company also recognised more fee income being earned from the structure.

Global reinsurance broker Howden Re has announced that Tim Radford has been appointed to the new role of Managing Director, Head of Lloyd’s Capital, which is set to help strengthen the organisation’s leadership across Lloyd’s market capital and investor engagement.

The insurance-linked securities (ILS) and reinsurance investments portfolio managed by specialist pension investor PGGM on behalf of Dutch pension PFZW delivered a 12.4% return in USD for full-year 2025, while the portfolio assets ended the year at a valuation of just over US $8.9 billion.

Two of the Lloyd’s syndicates operated by specialist ILS investment manager Nephila Capital are set to provide capacity support to a new property treaty consortium launched by MS Amlin, with data centre risk underwriting said to be a key focus for the new venture.

White Mountains reported that the Outrigger Re collateralized reinsurance sidecar, which supports its P&C insurance and reinsurance subsidiary Ark, continued to deliver positive income through the first-quarter of 2026, as even without having made a fresh sidecar investment for this year, benefits still flow for the company.