ILS

Ace CEO Evan Greenberg has dismissed the prospect of the carrier's captive reinsurance vehicle ABR Re writing business for external insurers for the next several years.

Former Aon Benfield and AQR Re executive Paul Karon has joined TigerRisk as vice chairman, The Insurance Insider revealed last week (21 April).

The Internal Revenue Service (IRS) and US Treasury have released proposed regulations on the taxation of hedge fund-backed reinsurers.

Ace CEO Evan Greenberg has confirmed that its captive reinsurer ABR Re is not planning to attract business from external sources "for a number of years".

Cat bond issuance in the first quarter of 2015 hit a record $1.86bn, rising 21 percent year-on-year to comfortably beat the $1.54bn placed in Q1 2014, according to data compiled by sister publication Trading Risk.

Florida Property Citizens Insurance is seeking $250mn of cover for its 2015 Everglades Re bond, sister publication Trading Risk reported last week.

The Agnelli family's bid to acquire PartnerRe raises the prospect of a new model for a reinsurance company based on long-term ownership by investors with lower return hurdles.

Florida Citizens Property Insurance has launched a new $250mn cat bond as it prepares to line up its 2015 reinsurance programme, sister publication Trading Risk reported last week.

Willis Group has appointed two existing Willis Capital Markets & Advisory (WCMA) executives as co-CEOs to replace Tony Ursano, who this publication revealed had resigned in early April.

Florida's State Board of Administration (SBA) is due to meet today (14 April) to consider a recommendation for the state's cat fund to buy $1bn of reinsurance, which is not expected to include cat bond cover.

Lane Financial's rate-on-line index for the insurance-linked securities (ILS) market stabilised in the first quarter of 2015, ticking up 1 percent from a value of 86 to 87, Trading Risk reported last week.

The residual insurance pools for the states of Texas and Massachusetts have both returned to the cat bond market with new transactions ahead of the 2015 hurricane season, sister publication Trading Risk reported last week.