ILS

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

CatCo Investment Management's chief operating officer and chief financial officer Jason Bibb has resigned with immediate effect, the London-listed firm announced on 12 December.

Prices on American Strategic's Gator Re cat bond dropped by roughly 10 percent in early December after the sponsor updated investors on its annual losses.

Zenkyoren is set to add $375mn of cat bond cover to its reinsurance programme after it increased the size of its latest deal from $200mn, sister publication Trading Risk reported last week.

The sale of an aviation broking subsidiary last week to rival JLT Group should enable Towergate to make the £31mn in Q1 coupon payments that are due to bondholders of its £1bn debt mountain.

Reinsurers looking to emerging risks such as cyber in order to grow and diversify books of business in the face of soft market pressures should be wary of underwriting perils they do not understand, according to Jed Rhoads, president and chief underwriting officer of Markel Re.

CatCo Investment Management's chief operating officer and chief financial officer Jason Bibb has resigned with immediate effect, the London-listed firm announced this morning (12 December)

Nephila Capital has taken a $19mn stake in Universal Insurance Holdings (UIH), which the Florida-based insurer says will allow it to further reduce its use of quota share reinsurance.

American International Group (AIG) has lifted the target size of its new Tradewynd Re cat bond deal from $300mn to $500mn, sister publication Trading Risk has reported.