Reinsurance sidecars news

Enstar, the legacy and run-off reinsurance specialist, has developed a flexible finality solution for insurance-linked securities (ILS) investors. With the Forward Exit Option (FOE) already put to work in a recent transaction, Anguel Zaprianov explained to Artemis in an interview that its application potential is broad.

At MS Amlin, there is an ambition to grow and broaden the scope of the innovative Phoenix reinsurance sidecar series of deals, and William Ho, the CEO of MS Amlin Asia Pacific, told us about the opportunity this presents to investors.

With another week of insights gathered on the potential for any losses from hurricane Milton, thanks to industry loss estimates and catastrophe bond pricing, the net asset values (NAVs) of US mutual investment funds that allocate to catastrophe bonds and other insurance-linked securities (ILS) were mostly marked up again at the end of last week.

The broadly diversified portfolio of insurance-linked securities (ILS) and reinsurance investments managed by pension investment firm PGGM on behalf of end-client the Dutch pension PFZW, delivered a 5.8% return for the third-quarter, lifting year-to-date returns to 11.7%.

PGGM, the Dutch pension investment manager has allocated $200 million to a new quota share structure named Scenery Re on behalf of its end-client the Dutch pension PFZW, with the vehicle managed by Everest specialist unit Mt. Logan Capital Management, Ltd. (MLCM).

Having shown a divergence in manager strategies as NAVs moved in different directions at times and by different amounts as hurricane Milton approached, the US mutual investment funds that allocate to catastrophe bonds and other insurance-linked securities (ILS) diverged again at pricing on Friday, but have since stabilised having incorporated post-landfall net asset value adjustments.

Artemis has partnered with Artex Capital Solutions to host a live webinar on November 21st 2024, in which our industry expert speakers will explore the use of alternative capital sources by originators of insurance risk, such as managing general agents (MGA’s).

Analysis from Milliman concludes that hurricane Milton will end up a relatively minor catastrophe loss event for the insurance-linked securities (ILS) market, based on an estimate of insurance market losses in the $20 billion to $40 billion range.

The target allocation range has been increased for a Munich Re sidecar investment that features in the insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client the Dutch pension PFZW.

Collateralized reinsurance sidecar and special purpose insurance (SPI) vehicle Voussoir Re Ltd., which counts Arch Capital Group as its sponsor, has issued and listed a new series of 2024-9 preferred shares, the first seen to be listed by the structure since 2022.