ILS

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.

Collateralised retro provider Catco expects that losses from Hurricane Sandy will reduce its gross annual returns by 13.2 percent, based on a $20bn industry loss

2012 insurance-linked securities (ILS) issuance reached $5.7bn by mid-December - well ahead of last year's total of $4.8bn and with two bonds currently in marketing, on track to meet the $6bn threshold that was predicted for the year

Bermudian reinsurer Montpelier Re has outlined its ambition for the newly listed third-party cat reinsurance fund Blue Capital by saying it would like to raise as much as $1bn within the next 3-5 years

Swiss Re has completed an £800mn ($1.3bn) longevity insurance contract with the pension fund of UK insurer LV=, taking its longevity risk transfer past the $12bn mark

The recent severe UK floods have pushed up annual insured flood losses in the UK beyond £1bn ($1.6bn), Aon Benfield's Impact Forecasting unit said in its monthly cat report.

Montpelier Re has confirmed the launch of its new asset management platform Blue Capital and that it has raised $100mn in the IPO of its new Blue Capital Global Reinsurance Fund (BCGRF)

Montpelier Re's new Blue Capital Global Reinsurance Fund has raised $100.1mn from its initial public offering.

Secondary market prices for cat bonds have regained some of the write-downs made in the weeks after Superstorm Sandy, gaining 1.3 percent over the week to 23 November after the first Property Claim Services (PCS) loss estimate came in at $11bn.