ILS

The Texas Windstorm Insurance Association (TWIA) has expanded its cat reinsurance placement for the 2013 hurricane season by 17 percent to $1bn and lowered its retention from $2.3bn to $1.7bn, the residual insurer confirmed.

Rated reinsurers were the strongest competitors for Florida working-layer risk this year despite an increased capital markets presence, RenaissanceRe said on an earnings call.

The cat bond market showed pricing leadership in the first half of the year rather than detaching from traditional market rates, Goldman Sachs' ILS team argued.

Lancashire's surprise £266mn takeover of Lloyd's-based rival Cathedral, unveiled on 7 August, has stirred speculation that the London-listed (re)insurer may be quietly abandoning the business model that has made it one of the sector's stock market stars since it launched in 2005.

Forecasters have lowered their outlook for the 2013 Atlantic hurricane season but it is still expected to be above average.

Last month was another busy period for P&C (re)insurers developing their capital markets capabilities. We track all the joint venture initiatives that have launched in 2012-13

The New York Metropolitan Transportation Authority (MTA) said the launch of its debut cat bond helped it overcome a shortage of traditional reinsurance options after last year's Superstorm Sandy.

Two cat bonds from debut sponsors closed at tight spreads in late July, even though they were brought to market well into the start of the hurricane season

Markel Corp will support a new version of Alterra's New Point Re sidecar in 2014 despite the downward pressure on retro rates

The impact of alternative capacity has again been demonstrated with the placement of the $200mn MetroCat Re bond by New York's Metropolitan Transportation Authority

The Bermuda Monetary Authority (BMA) registered 34 new insurers during the first half of 2013, up just over 40 percent from the 24 that set up in the same period last year

New capacity for cat bonds, collateralised reinsurance and industry loss warranties reached $4bn in H1 2013