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Nephila costs elevated on MGA platform build & new fund launches: Whitt

Nephila Capital is experiencing elevated costs as the insurance and reinsurance linked investment manager builds-out and grows its managing general agency (MGA) platforms and readies for the launch of new ILS fund vehicles, Markel Co-CEO Richie Whitt has explained. As we explained yesterday, Nephila Capital's assets under management (AuM) fell slightly read the full article →

ILS operating revenues fall at Markel as Nephila AuM slides to $9.5bn

Assets under management (AuM) at the largest dedicated insurance-linked securities (ILS) specialist manager Nephila Capital fell slightly to $9.5 billion at the end of the first-quarter, with the reduced assets also a driver of lower ILS operating revenues at Markel Corporation. Nephila Capital's assets under management across catastrophe bonds, insurance-linked securities read the full article →

CATCo retro fund benefits from further $19.2m trapped capital release

The CATCo Reinsurance Opportunities Fund Ltd., the stock exchange listed retrocession focused strategy managed by Markel CATCo and in run-off at this time, is continuing to benefit from reducing loss exposure and releases of side pocketed investment capital. As we've previously explained, the running-off and return of capital of the CATCo read the full article →

CATCo’s return of capital continues apace, but Jebi & Michael creep hits 2018

The CATCo Reinsurance Opportunities Fund Ltd., the stock exchange listed retrocession focused strategy managed by Markel CATCo and in run-off at this time, has now seen $271.3 million of capital returned to its investors since its run-off began. The $271.3 million of capital has been returned to shareholders in the CATCo read the full article →

Hannover Re cedes up to 32% of cats, 24% of COVID losses to retro in 2020

German reinsurance giant Hannover Re benefited from its retrocessional protections throughout 2020, potentially ceding almost one-third of natural catastrophe losses and 24% of its losses from the COVID-19 pandemic. The reinsurer reported its full-year 2020 results this morning, revealing that large losses came in well above budget for its P&C reinsurance read the full article →

Lodgepine had “terrific” double-digit year in 2020: Markel Co-CEO Whitt

Lodgepine Capital Management Limited, the retrocessional reinsurance ILS fund management unit of Markel Corporation, had a "terrific" year in 2020, delivering double-digit returns on its portfolio which largely avoided any loss impacts during the period. Markel launched the retro reinsurance investment manager in late 2019, bringing a new insurance-linked securities (ILS) read the full article →

Hannover Re shrinks K-Cessions to $610m in “successful” retro renewal

German reinsurance firm Hannover Re has downsized its capital markets backed K-Cessions quota share retro reinsurance sidecar facility to $610 million for 2021, a roughly 10% decrease from the prior year. At the same time the company expanded its aggregate and whole account excess of loss retrocession protections, but not enough read the full article →

Nephila attracts $1bn+ inflows, launches ESG & Lloyd’s ILS fund strategies

Nephila Capital, the largest dedicated manager of insurance and reinsurance linked investment funds and assets, is expected to benefit from growing investor interest in the sector, with inflows of more than $1 billion anticipated in 2021, according to Markel Corporation executives. Having returned to growth, in terms of assets under management, read the full article →

Nephila AuM returns to growth as ILS profits rise for Markel in Q4

The operations of the largest dedicated insurance-linked securities (ILS) fund manager, Nephila Capital, delivered higher revenues to parent Markel Corporation in 2020, thanks to expansion and growth of its managing general agent (MGA) platform and a return to growth in assets under management (AuM), which hit $9.6 billion. In reporting its read the full article →

CATCo retro fund rises 7% on reduced 2017 wildfire claims (subrogation?)

Some shareholders in the CATCo Reinsurance Opportunities Fund Ltd., Markel CATCo Investment Management’s listed retrocession focused investment fund, have benefited from a reduction in claims related to California's 2017 wildfires, perhaps suggesting a subrogation recovery has made its way through to the portfolio. The in-run off retrocessional reinsurance focused investment fund's read the full article →