ILS

The (re)insurers of the Costa Concordia are awaiting loss advice showing a further deterioration on a total claims burden that already stands at more than $1.6bn, after the removal of the wreck was once again delayed.

ISS Proxy Advisory Services raised "significant concerns" over Endurance chairman and CEO John Charman's executive remuneration in a report before the 21 May shareholders' meeting that voted against executive pay packages at the Bermudian.

Leading cat underwriter RenaissanceRe has stopped actively pursuing the placement of its major $275mn Floridian retrocession deal, The Insurance Insider understands.

Cat bond lite; Kemper loss; Towergate Q1 loss increase; Reinsurer ratings under pressure: S&P; Canadian hire; Markel appoints; AmTrust affirmed; Vietnam riots; Hiscox Re promotes; Fraud up; Guy Carp hires; Atrium recruits; Canopius hires; SSIC deal doubt; AIG outlook; market forces; Aon Benfield appoints; MSIG confirms; AJG acquires; Willis buys; Xuber launch

Despite the surfeit of capital, paucity of cat losses and increasing pressure on pricing, Bermudian (re)insurers were cautious in returning capital to shareholders during the first quarter of 2014

Florida cat bond Sanders Re (2014-2) will provide Allstate subsidiary Castle Key with indemnity protection for losses from all natural perils.

USAA's US multi-peril bond Residential Re (2014-1) will close in the middle of its initial target range of $100mn-$150mn at $130mn.

A quartet of cat bonds closed at the end of last week, raising their sponsors a total of almost $730mn in protection against Japanese, US and Florida-specific risks.

UK insurer Saga's IPO was lukewarm late last week and so was the Floridian insurer Heritage Insurance Holdings, which raised just $66mn from its IPO on the NYSE as pricing of its shares came in below expectations

Swiss Re has handed capital back to investors in Sector Re after a brief expansion of the sidecar in 2013.

Independent broker and managing general agent BMS agreed on 21 May to sell a minority shareholding to US buyout firm Capital Z for $50.7mn, giving it capital to finance its growth plans and purchase stock from former employees.

Former Alterra reinsurance chairman Tom Wafer and fund manager Golub Capital are working on a reinsurance start-up, in fresh evidence that broad-based softening of the reinsurance markets is not deterring alternative asset managers