ILS

Military mutual insurer and insurance-linked securities (ILS) stalwart USAA has launched its 24th Residential Re catastrophe bond, which is targeting $150mn in annual aggregate cover, sister title Trading Risk has reported.

Allstate has locked in a $439mn portion of its giant nationwide cat programme after purchasing a seven-year deal in the traditional reinsurance markets, further extending its existing multi-year strategy on its core placement.

Foo heads to Swiss Re; CCR downgraded; Guenther launches advisory; Ascot hires; Capsicum Re hires; Brit lures Courchaine; Noul hits Philippines; Lockton raids THB; Third Point Re growth; Navigators GWP shrinks; AmTrust buys warranty firm; Integro buys energy specialist; Beazley's specialty push; Markel profits surge; Everest Re hires CUO; JLT Re recruits; Meadowbrook profits fall; RenaissanceRe beats; Ross row intensifies; Liiba CEO announced

Sometimes we Insiders get too close to the action to see the bigger picture.

The latest Everglades Re cat bond from Florida Citizens Property Insurance has moved towards the top of its revised pricing forecast range and upsized to $300mn from a $250mn target, sources told sister publication Trading Risk

Competition among insurance-linked securities (ILS) fund managers is leading to increasingly innovative products that will help grow the market, according to Willis Capital Markets & Advisory (WCMA)

Everest Re raised $60mn of capital for its sidecar Mt Logan Re at 1 April, expanding total assets under management (AuM) to $750mn, sister publication Trading Risk reported

Hedge fund reinsurer Watford Re has reached its target of writing more than $400mn of gross premium in its first underwriting year since its inception last March.

RenaissanceRe sidecar DaVinci Re Holdings is set to raise $150mn from a private debt offering of senior notes, which it said would be used to repay a $100mn loan from its sponsoring reinsurer.

Towers Watson said that it remained positive on the reinsurance sector, but suggested that investors adjust their reinsurance allocation to be "moderately underweight" relative to their target exposure.

Travelers has returned to the insurance-linked securities (ILS) market with a new $200mn Long Point Re III cat bond, sister publication Trading Risk reported last week.

The Internal Revenue Service (IRS) and US Treasury have released proposed regulations on the taxation of offshore (re)insurers and requested feedback on how best to measure carriers' capital requirements.