ILS

The New Year has brought strong activity in the third party-managed fund sector as RenaissanceRe deployed capacity from another new sidecar and Montpelier Re's Blue Capital structure came on stream in time for an active 1 January.

Zurich America Insurance Company's latest Lakeside III issuance upscaled from $225mn to $270mn at the end of December.

Total new cat bond issuance in 2012 hit $6.3bn, the highest level since 2007, while total bonds outstanding in the market reached a new record of $16.5bn of limit at year-end.

Total 2012 cat bond issuance has surged through the $6bn barrier as more details emerge on American International Group (AIG)'s $400mn Compass Re (2012-1) bond

Supply of non-marine retrocession capacity was abundant at the 1 January renewals, with sidecars and start-up funds writing pillared retro products, according to reinsurance broker Willis Re.

Third party capital pioneer RenaissanceRe has written $185mn of collateralised limit through Upsilon Re II, the latest incarnation of its retro sidecar.

Supply of non-marine retrocession capacity was abundant at the 1 January renewals, with sidecars and start-up funds writing pillared retro products, according to reinsurance broker Willis Re.

Alterra's sidecar New Point V has increased in size from $210mn to $247mn, the company said.

Allied World Assurance Company has bought a minority stake in Bermudian collateralised reinsurance writer Aeolus to expand its Allied World Financial Services platform.

Leading insurance-linked securities (ILS) fund manager Nephila is believed to have matched its $1bn+ first-half fundraising feat in the second half of the year as it heads toward the 2013 renewals.

Alterra's sidecar New Point V has increased in size from $210mn to $247mn, the company said

Pension Insurance Corporation (PIC) has reinsured yet another tranche of longevity risk with Munich Re covering liabilities worth £400mn.