ILS

RenaissanceRe is seeking a major new hedge for its Florida portfolio through the purchase of an indemnity retrocession cover providing up to $275mn of limit above a $75mn deductible.

The New York Metropolitan Transportation Authority (MTA) has brought new capacity from Berkshire Hathaway, Nephila and other alternative markets onto its cat cover in a move that is expected to be replicated by other major municipal buyers of insurance.

A fund run by insurance boutique and research house VJ Dowling has given Enstar a vote of confidence by purchasing stakes in Torus and Atrium

It was only two weeks ago that we put an extremely provocative word on our front cover in relation to the 1 June Florida property cat renewals.

Significant overcapacity in the US large account commercial property insurance market from incumbents and new entrants is driving down rates by up to 20 percent...

RenaissanceRe is trying to purchase a major new Florida retrocession cover providing up to $275mn of limit above a $75mn deductible, as it looks to take advantage of its market-leading position and arbitrage the capital markets, sources said.

Nephila Capital affiliate Ananke Re has committed to invest $10mn in Floridian insurer Heritage through a private placement ahead of the firm's imminent IPO.

The Texas Windstorm Insurance Association (TWIA)'s board of directors has approved plans to include a cat bond in its 2014 reinsurance programme as it plans to seek aggregate cover, following the example set by states such as Florida and North Carolina.

Allstate will seek to add another $150mn to its cat bond reinsurance protection through a Florida indemnity deal after raising $750mn from its Sanders Re issuance, sister publication Trading Risk revealed last week.

Florida private cat bonds continue ahead of 1 June renewal season...

The influx of capacity from capital markets into the reinsurance sector could almost double to $87bn within the next five years without the need for new investment or proportionate allocations, according to Mike Millette, global head of structured finance at Goldman Sachs.

Looking out into the senior audience to open the last week's fifth InsiderScope New York conference, it was easy to succumb to the temptation to permit ourselves a little showmanship.