ILS

The former Validus Re underwriter Conan Ward comes in to run US insurance business at the Brian Duperreault-led Bermudian reinsurer

Ace has become the second (re)insurer to confirm a sidecar renewal for 2014 as it announced the launch of a second Altair Re sidecar.

Price increases on commercial insurance business in the US showed further signs of slowing in December led by large account business, according to the latest MarketScout barometer.

Argo Group has renewed its Harambee Re sidecar for 2014 at a larger size than last year, the reinsurer said today (6 January).

Bermudian (re)insurer Arch has announced the launch of a newly formed multi-line reinsurance company Watford Re in partnership with Highbridge Capital Management, confirming a move first reported by The Insurance Insider last July.

Catco Reinsurance Opportunities Fund, the London-listed ILS and collateralised reinsurance investment vehicle, plans to make a one-off payment of $0.20 per share to its investors after a lack of major claims boosted its finances last year, it said in a statement this morning (3 January).

Traditional reinsurers are being forced to compete more aggressively because of the growing influence of alternative capital in the market, Willis Re International chairman James Vickers told The Insurance Insider.

A EUR40mn private cat bond Windmill I Re (2013-1) has listed on the Bermuda Stock Exchange (BSX), according to listing documents posted 23 December.

The World Bank has provided the Uruguayan state-owned hydro-electric power company with a $450mn weather and oil price insurance cover, and has reinsured the risk with Swiss Re and Nephila Capital through the latter's partnership with fronting reinsurer Allianz.

French reinsurer Scor has bought EUR200mn ($272mn) of protection against extreme natural catastrophe and mortality risk in an innovative contingent capital deal with Swiss bank UBS.

Legal & General has completed a longevity swap with two BAE Systems pension plans that cover £1.7bn of liabilities, in the fourth such deal for December as 2013 volumes reached a new peak.

Bermudian (re)insurer Argo Group has lifted the target size on its new Loma Re cat bond to $165mn as 2013 insurance-linked securities (ILS) issuance becomes poised to break through the watershed barrier of $7.5bn.