ILS

Several of this year's start-up reinsurers are among the new names on the first part of the California Earthquake Authority (CEA)'s 2013 reinsurance programme.

The California Earthquake Authority (CEA) has lined up a $1.68bn subscription list to fill the first part of its 2013 risk transfer programme, according to an agenda document posted on the organisation's website

Allied World has settled its dispute with wholesale broker Southwest Risk over two US commercial property placements that soured, according to a statement from the broker.

Hannover Re's Eurus III cat bond marked a historical pricing low for the European wind risk insurance-linked securities (ILS) market.

In the past fortnight at least three catastrophe bonds have been brought to market that could take 2012 issuance beyond $5bn if they all close.

Reinsurers pulled back their participation in the insurance-linked securities (ILS) market in the year to 30 June, according to Aon Benfield's annual report on the sector.

Florida's state-backed insurer Citizens is planning to re-enter the cat bond market in 2013 with an additional $250mn placement, after making its debut this year with the $750mn Everglades Re transaction.

Spanish international (re)insurance group Mapfre has been stripped of its A- insurer financial strength rating by Standard and Poor's (S&P) following last week's downgrade of the Spanish government's sovereign debt.

For reinsurance buyers, one of the advantages of capital markets' enthusiasm for securitised catastrophe risk is that bonds are being priced lower as investors scramble for allocations

The capital markets' continued enthusiasm for non-correlated reinsurance cat risk has expanded assets under management (AuM) at the insurance-linked securities (ILS) sector's two largest fund managers to almost $11bn.

Shares in the Spanish (re)insurer Mapfre are expected to open down sharply on 16 October, after S&P downgraded the firm below the crucial A- territory

If there was one common talking point at the 2012 Monte Carlo Rendez-Vous, it was possibly how little there was to talk about - unless you were in convergence