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ILS

  • Florida's Citizens Property Insurance Corporation succeeded in completing its upsized $604mn traditional reinsurance placement at a rate on line (RoL) of just 17 percent. We have the details...
  • Despite a deceptively modest first quarter, 2013 could exceed the record of $7bn in new cat bond issuance set in 2007
  • Allstate expects the cost of its catastrophe reinsurance covers to fall in 2013 compared to 2012 after confirming it has dropped the seventh layer of its nationwide cat programme, in a move first revealed by The Insurance Insider.
  • The Turkish Catastrophe Insurance Pool (TCIP) has for the first time directly accessed the cat bond market to seek cover against earthquake risk in the Istanbul region
  • A handful of new special purpose insurers (SPIs) were registered in Bermuda in March, including Accordian (sic) Reinsurance II and Mona Lisa Re.
  • The first quarter results from Bermudian reinsurers Montpelier Re and Validus revealed an uptick in the property premiums written via their managed funds platforms, Blue Capital and AlphaCat.
  • Repeat insurance-linked securities sponsors Allianz and Travelers may pay just half the risk-adjusted premiums for their latest cat bonds compared to their 2012 iterations, according to analysis by our sister publication Trading Risk.
  • US state insurers of last resort are holding $150bn of property catastrophe risk, presenting a prime growth opportunity for the alternative reinsurance market, says Nephila Capital founding principal Greg Hagood.
  • Ace launched a $95mn special purpose vehicle Altair Re to take the number of 2013 sidecars to seven, which are bringing more than $1.1bn of new capital to the sector.
  • The sponsors of two cat bonds currently on the market have expanded their fundraising targets as indicative pricing on the deals declined.
  • Allstate is seeking to raise $250mn from its new Sanders Re cat bond issuance after lopping off the top layers of its traditional reinsurance programme, sister publication Trading Risk reported last week.
  • Aspen Re has become the latest traditional reinsurer to move formally into the convergence space with the unveiling of a capital markets division.