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Rates for $40bn live cat trades have risen as the market has grown more wary of a significant loss, sources said.
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The investor supplies more than £40mn ($49mn) of growth capital following the telematics company’s acquisition of IMS last year.
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Whoever thought it was a good idea to taunt the weather gods in this way?
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The company has created a new management committee as it refocuses on disciplined underwriting.
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Fears of meaningful industry losses mount as storm intensifies and track shifts. -
Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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The carrier’s current total of $2.1bn has grown from $300mn at the start of 2015 and is up $100mn since the start of the year.
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AIG took a $1mn investment loss from its $124mn holding in AlphaCat, whereas Pillar provided $3.3mn of investment income for Alleghany.
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The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.
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Australian carrier says spring events have also eaten into its calendar-year aggregate deductible.
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Will Roscoe is taking on the newly created role, having been with the firm since 2011.
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The latest quarter was the second-lowest Q2 for issuance volume in the past eight years.
