Insurance linked securities news, ILS news

Everest Re, the global insurance and reinsurance firm, managed to add some assets under management to its Mt. Logan Re Ltd. collateralised reinsurance sidecar-like vehicle during the second-quarter of 2020, executives explained yesterday.

Australian primary insurance group IAG has revealed that its Orchard ILS Pte Ltd catastrophe bond was triggered and then fully exhausted by claims suffered from the severe bushfire season in the country.

RenaissanceRe, the Bermuda headquartered specialty re/insurer and third-party reinsurance capital manager, has raised capital across numerous platforms over the last year, but the company always ensures investors have a “right of incumbency” on the deals they are already on, according to its CEO.

German reinsurance firm Hannover Re expects that as its losses from the Covid-19 pandemic convert from IBNR reserves to reported claims, a proportion of these will be ceded to third-party investors in its K-Cessions sidecar vehicle.

In the last quarter, Athene Holding Ltd., the life and retirement reinsurance company majority owned by investor and private equity specialist Apollo Global, earned an increased level of management fees from its Athene Co-Invest Reinsurance Affiliate (ACRA) sidecar vehicle.

Bermuda continued to see an increase in assets under management of investment funds located in the domicile in the first-quarter of 2020, while the number of private fund structures, a popular one in the insurance-linked securities (ILS) space, continued to grow.

Stone Ridge Asset Management, the New York based asset manager with a focus on alternative risk premia strategies including reinsurance and insurance-linked securities (ILS), has actioned a reverse share split on its interval ILS fund strategy, effectively boosting the net asset value (NAV) of the strategy.

The Legislative Council of the Government of Hong Kong has now passed its new insurance legislation to allow for insurance-linked securities (ILS) such as catastrophe bonds to be issued there.

A number of insurance-linked securities (ILS) fund managers established side pockets to segregate potential exposures related to the Covid-19 pandemic in June 2020, while some ILS and collateralised reinsurance funds also suffered adverse reserve development related to prior year catastrophes as well.

AlphaCat Managers, the insurance-linked securities and collateralised reinsurance investment manager entity of insurance giant American International Group’s (AIG), has returned to outright growth in terms of ILS assets under management (AuM), for the first quarter in a while.