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Nephila Capital, the largest investment fund manager of insurance-linked securities (ILS) and reinsurance linked assets, has been reapproved as a sub-advisor for a multi-strategy fund by asset management giant Blackstone.

Blackstone Alternative Asset Management, the hedge fund solutions group of Blackstone which has around $78 billion under management, had first added Nephila Capital as a sub-advisor to one of its multi-manager alternative investment funds back in 2013.

The firm then added Nephila to another of its alternative strategies, the Blackstone Alternative Multi-Strategy Fund, in 2015, as the asset management giant looked to deliver ILS returns as part of its alternatives platform using Nephila Capital’s expertise and deep reach into reinsurance and risk markets.

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Insurance-linked securities (ILS) related business volumes are expected to increase at reinsurance firm Hannover Re in 2019, part of which will be driven by the continued expansion of the sector, Henning Ludolphs believes.

Hannover Re has become increasingly active in the ILS sector, providing fronting and risk transformation services for collateralised reinsurance transactions, as well as for both cat bond lite and full 144a catastrophe bond transactions.

In 2018 the company worked on the issuance of a number of full catastrophe bond transactions, helping sponsors to access the capital markets for a source of reinsurance capital.

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Insurtech investment volumes increased by more than 60% between 2017 and 2018, while key players such as Lemonade and Amazon also expanded their operations over the year, according to analysts at Deutsche Bank.

Deutsche Bank data shows that insurtech investments (across all stages) totalled US $2.6 billion during the first three quarters of 2018, compared with $1.6 billion for the same period in the previous year.

This equated to an average $14 million investment per deal for the 184 deals transacted in 2018, versus $10 million per deal for the 152 recorded in 2017.

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The insurance-linked securities (ILS) business of global asset management group Schroders has been reorganised into a new structure, with Dirk Lohmann taking the Head of ILS role, and the investment firm has also announced a new hire in Beat Holliger.

Schroders aims to increase its focus on its different ILS products and strategies under the new organisational structure, to benefit its own decision-making and enhance client communication across the range.

In addition to his current role as Chairman & CEO of Secquaero Advisors Ltd., Dirk Lohmann has been appointed Head of ILS at Schroders, as an employee of Schroder Investment Management (Switzerland) AG.

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Catastrophe bonds experienced a price recovery in January, promising to help cat bond funds and investors to a stronger month of returns following a quarter where active selling drove prices lower and the cat bond market’s total-return had suffered.

Some cat bond funds have reported better than 1% returns for the single month of January 2019, which is higher than a normal January’s performance for a portfolio of cat bonds would have been expected to achieve.

The rapid selling of catastrophe bonds through the final quarter of 2018 has been attributed to the need for ILS fund managers to free up capital for reinvestment into January reinsurance renewal transactions.

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The Texas Windstorm Insurance Association (TWIA) will aim to secure at least $2.1 billion of protection from the global reinsurance and insurance-linked securities (ILS) market for the 2019 hurricane season, taking its total claims-paying capacity to at least $4.2 billion.

TWIA’s Board this week approved its staff to go to market and renew or purchase afresh whatever reinsurance and catastrophe bond coverage may be required to ensure it meets its target of coverage for a 1-in-100 year loss.

TWIA is the largely coastal residual market property insurer in the state of Texas, providing insurance to its clients in some of the most hurricane exposed regions of the United States.

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The insurance sector will remain attractive to investors in the first half of 2019, and there are “clear signs of momentum” in how natural catastrophe risk is priced in the equity and ILS markets in the wake of two recent heavy loss years, according to insurance investment manager Twelve Capital.

In Twelve Capital’s H1 2019 outlook, the company suggested that capital markets are increasingly willing to invest in a wider scope of insurance risk.

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The insurance-linked securities (ILS) market is ready and expecting to enter further phases of growth and expansion, according to the discussions between speakers and also attendees at Artemis’ third conference in New York, ILS NYC 2019.

The event held on February 1st 2019 saw 350 registered attendees assemble in the heart of Manhattan for the third annual Artemis NYC conference.

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