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ILS

  • Traditional (re)insurers that describe the emergence of capital markets-backed alternative capacity as unsustainable may be in denial, Willis Capital Markets & Advisory (WCMA) wrote in a review of first quarter results from the ILS market.
  • The fourth Florida-specific cat bond of 2013 is now marketing to investors through a new private deal, The Insurance Insider can reveal...
  • Earlier this year Trading Risk reported that start-up fund manager Stone Ridge had successfully raised $350mn for two new ILS funds, while fixed-income specialist Pine River had hired convergence market executive Al Selius to oversee investment of up to 5 percent of two of its flagship funds to the ILS sector.
  • Generalist investors - such as pension funds and other mainstream fund managers - are continuing to lift their share of new cat bond issuance in 2013, according to updated statistics obtained by sister publication Trading Risk.
  • Bermuda-headquartered White Mountains is the latest (re)insurer to enter the convergence arena by unveiling a new capital markets division through its reinsurance arm Sirius International.
  • Willis Capital Markets & Advisory (WCMA) has expanded into Asia with the hire of Michael Guo as managing director and head of Asia.
  • Montpelier Re's Blue Capital Global Reinsurance Fund had invested $66.9mn by 1 April, equivalent to 68 percent of the net proceeds of its $100mn December IPO.
  • Tokio Millennium Re (TMR) will become the latest Bermudian to redomicile away from the island as it unveiled plans to change its place of incorporation to Switzerland
  • Catastrophe bond spreads tightened significantly during the first quarter as pricing "decoupled" from the traditional reinsurance market, said GC Securities in its review of first quarter activity in the insurance-linked securities (ILS) market.
  • A trio of cat bonds have increased in size as pricing continued to slip below initial forecasts during the marketing process, sister publication Trading Risk has reported.
  • Some traditional reinsurers are yet to "adapt" to the new reality of significant alternative capacity, be it in the form of cat bonds, sidecars or collateralised reinsurers, according to Aspen Re CEO James Few
  • Non-traditional capacity is set to put pressure on rates for index-linked and retro products in the second half of the year as un-deployed funds are redirected from the saturated reinsurance market, according to Validus Re CEO Kean Driscoll