ILS

The alternative reinsurance market has now muscled in a 15 percent share of the $18bn premium global property cat reinsurance market and is expected to make further inroads at the expense of traditional underwriters.

Allianz Risk Transfer (ART) has agreed a three-year deal to provide risk capacity for Bermudian fund manager Nephila Capital, marking the first time the pair have formalised their relationship over a longer term

The defunct, George Soros-backed reinsurer Glacier Re has withdrawn from arbitration proceedings and given up its claim to have Hurricane Ike claims covered by its 2008 Nelson Re cat bond

US insurer Nationwide Mutual has added another $270mn cat bond cover through a new Caelus Re issuance, as the coupon on the transaction fell by 2 percent during the marketing process...

In contrast to other recent renewals, the rise of the alternative reinsurance markets is expected to have only a limited impact at 1 April due to Japanese cedants' circumspect approach to non-traditional underwriters

Willis is marketing a new hybrid retrocession product that aims to address buyer fears about the basis risk of index covers, The Insurance Insider can reveal...

London market (re)insurer Lancashire has reiterated its commitment to its nascent Lancashire Capital Management (LCM) initiative after confirming that CUO Simon Fascione is leaving the company

Defunct reinsurer Glacier Re has withdrawn from arbitration proceedings and given up its claim to have Hurricane Ike claims covered by its 2008 Nelson Re cat bond

US hedge fund ValueAct Capital has upped its stake in Willis Group to 7.5 percent, regulatory filings show.

Berkshire Hathaway remains embroiled in a dispute with global reinsurer Swiss Re over a life reinsurance transaction that the investment conglomerate has claimed could cause damages of up to $1bn.

UK life insurer Legal & General (L&G) has completed its second longevity insurance deal, which covers £3.2bn of pension obligations, and has reinsured 70 percent of the transaction with Hannover Re.

RenaissanceRe CEO Neill Currie said the company is likely to do more "transformer" business where it acts as an intermediary for third-party capital and protection buyers, while speaking at the recent Bank of America Merrill Lynch insurance conference.