Insurer Hiscox said it is building a collateralized reinsurance insurance linked securities (ILS) capability for launch on January 1, 2017, in addition to expanding its fully-fronted ILS fund structures.
The expanded ILS team is being rebranded as Hiscox Re Insurance Linked Strategies. Hiscox Re Insurance Linked Strategies will continue to provide capacity to Hiscox Re, which remains the primary contact for reinsurance brokers and clients.
Hiscox Re Insurance Linked Strategies will seek to grow its assets under management, which the company says now exceed US$1bn, by developing a collateralized reinsurance ILS capability that it says will complement its existing single investor funds and managed accounts, in addition to its two Kiskadee flagship funds.
Jeremy Pinchin, Hiscox Re CEO, said the new capability will add further options for investors, clients and brokers.
Richard Lowther, as chief operating officer, and Michael Jedraszak, as chief investment officer, for Hiscox Re Insurance Linked Strategies, will continue to lead the development of the business. Both will report directly to Pinchin.
Lowther said the rebrand under Hiscox Re Insurance Linked Strategies reflects the “growing independence of this area of our business.”
Total non-life ILS capital reached a record $70 billion at year-end 2015 – topping the previous record of $65 billion at year-end 2014, according to Willis Capital Markets & Advisory.
Source: Hiscox
Related:
- Cardinal Re Launch Takes Hiscox’s ILS Assets to More Than $600 Million
- ILS Products Are Changing Reinsurance Industry Norms: ‘Acts of God’ Author
- ILS Market Hits New Record of $70B in 2015: Willis Capital Markets & Advisory
Topics Reinsurance
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