ILS

Former Goldman Sachs banker Michael Millette is expected to return to the insurance-linked securities (ILS) market with a new investment venture by mid-year, Trading Risk understands

Fidelis, the start-up that Lancashire founder Richard Brindle is working on alongside Goldman Sachs, has raised upwards of $1bn already and is targeting a 1 July go-live date with an equity capital base of $2bn, The Insurance Insider understands

Montpelier Re - cat reinsurer, third-party fund manager and Lloyd's minnow - is not the acquisition that Endurance CEO John Charman wanted

Transatlantic Re has dropped plans to establish a $1bn hedge fund reinsurer as the long wait for another vehicle to follow Watford Re off the production line continues, The Insurance Insider can reveal

The state-backed Florida Hurricane Catastrophe Fund (FHCF) is again facing some local political backlash after it submitted a proposal to buy more than $2bn of reinsurance limit for the 2015 hurricane season, according to local media reports.

AQR Capital Management is winding down its $445mn Bermuda reinsurance platform, after deciding that it will be "increasingly difficult" to scale up the business and sustain attractive risk-adjusted returns for investors.

The pace of cat bond issuance has picked up as the end of the first quarter comes into sight, with a number of sponsors bringing out new deals in the past week.

Tokio Marine expanded its new Kizuna Re II cat bond from an initial target of 25bn yen ($207mn) to 35bn yen ($290mn), as the ultra low-risk deal was oversubscribed by insurance-linked securities (ILS) investors, sister publication Trading Risk reported.

Private reinsurers appear unlikely to directly benefit from Heritage P&C's decision to reduce the coverage it buys from the Florida cat fund, with the majority of limit largely replaced by a new cat bond instead.

George Osborne's plans to aid the development of London as a centre for insurance-linked securities (ILS) business must address specific issues such as the time needed to set up new vehicles, industry experts have said.

We gnarled observers of the global (re)insurance market are baffled

The UK government has pledged to work with the (re)insurance industry to attract insurance-linked securities (ILS) business into the country, the Chancellor of the Exchequer George Osborne announced today (18 March) as part of the 2015 Budget.