ILS

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.

Tony Ursano, chief executive of Willis Capital Markets & Advisory (WCMA), is leaving the big three broker, The Insurance Insider revealed earlier today (13 April).

Tony Ursano, chief executive of Willis Capital Markets & Advisory, is leaving the big-three broker, The Insurance Insider has learned.

Cat bond issuance has continued apace as two bonds ended a flurry of deals during the first quarter, sister publication Trading Risk reported.

Stone Ridge Asset Management controlled more than $3bn in insurance-linked securities (ILS) assets as of the end of January, up from $2.1bn three months earlier, sister publication Trading Risk reported.

The surge of reinsurance M&A activity may actually increase competition and extend underwriters' soft market woes, Willis Re has warned.

Aon Benfield published a positive message for reinsurers last week, predicting that demand for their product is expected to increase at the key mid-year renewals.

Fund management giant Nephila has hired Willis Re executive Phil Bowie, who is expected to help build its managing general agency (MGA) business and its strategic investments in carriers, The Insurance Insider revealed yesterday (6 April).

Fund management giant Nephila has hired Willis Re executive Phil Bowie, who is expected to help build out its MGA business and its strategic investments in carriers, The Insurance Insider can reveal.