ILS

Direct lending may present an interesting opportunity for insurers' investment portfolios, but they should not underestimate the amount of credit work involved, according to speakers at the Clear Path Analysis Insurance Asset Management seminar last week.

Allianz and Allianz Risk Transfer - a major fronting partner for Nephila - have lent support to New Paradigm Underwriters, a Florida-based managing general agency (MGA) that offers parametric hurricane cover, sister publication Trading Risk reported last week.

Ace and BlackRock have commenced fundraising for their new joint venture, ABR Re, which they are planning to launch on an unrated basis, sister publication Trading Risk revealed last week.

Looking ahead to the upcoming Florida renewals, RenaissanceRe chief executive Kevin O'Donnell told investors on the carrier's fourth quarter earnings call that the market was still "a long way from unprofitable" despite softening pressures.

Softening market conditions prevailed in many specialty lines in 2014, despite loss activity and volatility in sub-segments such as airlines hull and liability, accord to Marsh's latest report on the commercial insurance sector.

Scor and Catlin both closed relatively high-risk cat bonds last week, sister publication Trading Risk reported.

Everest Re raised an additional $270mn of capital for Mt Logan Re at 1 January, as the reinsurer slowed down its rate of top-line growth during the recent renewals.

Towergate's secured and unsecured creditors have signed a debt for equity swap in a deal that will see £375mn injected into the ailing UK broker.

Mike Millette, the most senior insurance-linked securities (ILS) professional at Goldman Sachs, will leave the investment bank at the end of the month.

Mike Millette, the most senior insurance-linked securities (ILS) professional at Goldman Sachs, will leave the investment bank at the end of the month

Stephen Catlin has claimed that process costs pose the biggest challenge for the reinsurance sector

Private insurers could need $1.5bn+ new limit as cat fund also considers risk transfer