ILS

Loss-free US property cat and risk accounts saw rate reductions of 10 to 15 percent at 1 January renewals, according to Willis Re.

Diversification is the traditional reinsurance market's only credible defence against eroding margins and the "wall of money" pouring into the sector, Willis Re International's chairman James Vickers has said.

Chris O'Kane, CEO of Aspen, has sold a further $2mn of shares in the carrier at an average price of $45, bringing the total value of shares sold by the executive this month to more than $3mn.

Despite the overall Lloyd's market reducing in size, capacity behind young syndicates has expanded by more than 20 percent for 2015 as new players enter the market and some recent start-ups continue to expand.

Hannover Re has structured and placed an extreme mortality swap with capital market investors, the German carrier announced.

American Strategic Insurance (ASI) has added to its estimated losses for the first 10 months of 2014 to take the total to 90 percent of the trigger point for its $200mn Gator Re bond, sister publication Trading Risk revealed last week.

Barbican group CEO David Reeves said the Lloyd's insurer and the Credit Suisse insurance-linked securities (ILS) team hope to develop their partnership further and may aim for full syndicate status for special purpose syndicate (SPS) 6120.

Third Point Re is winding down its catastrophe fund and investing in strategic partner Hiscox Bermuda's Kiskadee funds instead.

Third Point Re will relocate a number of its senior management team to New Jersey as it prepares to launch an onshore platform to better access US business and boost its float, The Insurance Insider can reveal.

Proposed start-up Pine River Re has been disbanded after the hedge fund reinsurer failed to secure the A- rating it was seeking from AM Best, The Insurance Insider revealed last week.

Former QBE underwriter Ash Bathia is in the early stages of raising capital for an insurance start-up, The Insurance Insider can reveal.

Barbican group CEO David Reeves said the Lloyd's insurer is "very keen" on developing corporate partnerships as it received approval to launch special purpose syndicate (SPS) 6120 with Credit Suisse's insurance-linked securities (ILS) team