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Stone Ridge mutual ILS funds shrink 18% to $4.1bn on redemptions

Stone Ridge Asset Management’s mutual insurance-linked securities (ILS) fund assets shrank by a further 18% in the last quarter of record, as high levels of redemptions continued and over a billion dollars exited its interval ILS fund strategy. Again, it is the higher-risk, less liquid interval style mutual ILS fund that read the full article →

Lemonade files to go public and reveals Nephila as reinsurer

Lemonade, Inc., one of the highest profile insurtech start-ups that had been funded by Softbank among others, has filed an initial public offering (IPO) registration statement in which it has also revealed that one of its reinsurers is the largest ILS fund manager in the world Nephila Capital. Lemonade is targeting read the full article →

Sidecar sponsors struggling to find sufficient capital support

Reinsurance sidecars as a source of protection are in high-demand right now, as ceding companies look to bring third-party capital support into their business models to help buffer against any potential downside caused by catastrophe losses through the year ahead. Our sources said that demand for reinsurance sidecar capacity is perhaps read the full article →

Oxbridge Re wants sidecar upsize, investors still on track for ~36% returns

Cayman Islands based reinsurance company Oxbridge Re Ltd. is aiming to upsize its fully collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. for the coming underwriting year from June 1st. The sidecar's current risk period that ends this month has been loss free it seems, with the investors backing the vehicle read the full article →

Sidecars & quota shares may face highest Covid-19 claims: A.M. Best

The collateralised reinsurance sidecar market and private quota share transactions entered into by insurance-linked securities (ILS) funds and investors may face the highest impacts from Covid-19 pandemic related claims, A.M. Best has said. We've been raising the subject of sidecar and quota share ILS market and investor exposure to claims from read the full article →

Stone Ridge’s interval ILS fund shrinks 10% and shifts further to cash equivalents

Stone Ridge Asset Management’s mutual insurance-linked securities (ILS) fund assets shrank again in the last quarter of record, with overall net assets down more than 7% in the period to January 31st 2020. However, the experience was not evenly shared across Stone Ridge's two mutual ILS fund strategies, as the managers read the full article →

Reinsurance costs rose for U.S. P&C insurers on BEAT tax & losses

The results of the U.S. property and casualty insurance sector were affected by higher reinsurance related expenses after the implementation of the BEAT tax and higher catastrophe losses, according to A.M. Best. In a recent report A.M. Best highlighted the impact of the base erosion and anti-abuse tax (BEAT) which was read the full article →

Stone Ridge interval ILS fund shrinks again, cat bond focused fund stable

Stone Ridge Asset Management's mutual insurance-linked securities (ILS) fund assets shrank slightly in the last quarter of record, with the Interval ILS fund down roughly 5% again, but the managers catastrophe bond focused fund was more stable and grew almost 1% in the period. Overall, Stone Ridge's mutual ILS fund assets read the full article →

Stone Ridge raises ~$1.5bn to deploy in quota shares including non-cat risks

Stone Ridge Asset Management has raised significant new funds and commitments for quota share reinsurance investing for 2020, with these new funds raised outside of the managers typical mutual ILS funds and CEO Ross Stevens saying this new strategy will support about $1.5 billion of assets and also invest in read the full article →

Big four reinsurers may exceed Q3 catastrophe budgets on Faxai

Typhoon Faxai's impacts on the global insurance and reinsurance industry is expected to push the big four reinsurers beyond their quarterly natural catastrophe budgets for the third-quarter, with Swiss Re anticipated to take the largest hit given its market share in Japan. Analysts at Deutsche Bank said that they expect all read the full article →