ILS

New York investment firm Pine Brook is backing a start-up "transformer" that is aiming to emulate State National as a conduit for alternative capital to access direct insurance business, The Insurance Insider can reveal.

Aspen is actively working on a hedge fund reinsurer-style vehicle that will have a focus on non-cat business including casualty lines, The Insurance Insider can reveal.

Multi-Strat Group, the holding company for Multi-Strat Re, a platform set up to help hedge funds tap into the reinsurance space, has acquired Maryland-based Annapolis Consulting Group (ACG) for an undisclosed amount.

American International Group (AIG) is hoping to raise $200mn from a new private cat bond issuance, sister publication Trading Risk understands.

The "internet of things" could pose a new peak exposure for the reinsurance industry and present the market's next shock loss, former Goldman Sachs partner Michael Millette told an audience at the annual Insider New York event earlier this month.

Assets under management (AuM) at Nephila Capital, the largest specialist insurance-linked securities (ILS) manager, have fallen by more than $500mn since the start of 2015, sister publication Trading Risk revealed last week.

Insurers must use their underwriting expertise to take advantage of the emergence of alternative capital in the primary sector, according to panellists at the Insider New York conference last week.

Regulators should be paying greater attention to the rapid growth of alternative capital in the (re)insurance sector, according to former Connecticut insurance commissioner Tom Leonardi.

The reinsurance market has reached a crossroads that could result in a "meaningful restructure", with increased use of alternative capital driving commoditisation and the end of the sector's traditional capital base.

Regulators should be paying greater attention to the rapid growth of alternative capital in the (re)insurance sector, according to former Connecticut insurance commissioner Tom Leonardi.

Third Point Re has begun winding down its catastrophe fund, with assets under management (AuM) falling 35 percent over the first quarter.

RenaissanceRe's permanent sidecar DaVinci Re reported a 7 percent decrease in first quarter net income to $52mn, following a 22 percent reduction in net earned premium income to $61mn.