ILS

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.

Swiss Re has redeemed two tranches of its Vita Capital IV extreme mortality cat bond worth $125mn one year ahead of maturity, sister publication Trading Risk reported.

Two private bonds are currently circulating the market, according to sources, as well as an offering from Zurich.

Swiss Re says new levels of stability in the insurance-linked securities (ILS) investor base could help reduce spread volatility and make pricing more predictable and stable.

Strong demand for retro cover has inspired Everest Re to launch "Purple", a new pillared retro product being marketed for the January 2013 renewals.