ILS

Validus Holdings has announced that it will buy back shares worth some $204.3mn after completing a previously modified Dutch auction process.

Travelers has issued its new $250mn Longpoint Re III cat bond and will pay investors an insurance-related coupon of 6 percent, our sister title Trading Risk understands.

The convergence sector's 14 percent market share of the global cat reinsurance limit placed signifies a watershed in its development, according to Guy Carpenter vice chairman David Priebe.

Insured losses from May storms in the US could reach at least $550mn, Aon Benfield said in its monthly catastrophe update.

Property catastrophe specialist (re)insurer Lancashire has renewed its flexible sidecar Accordion Re with $250mn of capacity as the retro market continues to offer attractive rates.

Property catastrophe specialist (re)insurer Lancashire has renewed its flexible sidecar Accordion Re as the retro market continues to offer attractive rates

With around $35bn of cat limits now placed in non-traditional reinsurance the convergence market has reached a watershed moment, according to Guy Carpenter vice chairman David Priebe

P&C insurers are "re-profiling" their underwriting portfolios as they react to the anaemic investment climate and the turning pricing cycle in the sector.

In a month where equity markets were subject to an almost indiscriminate sell-off, the share prices of P&C (re)insurers proved resilient and outperformed the broader markets.

Reinsurance price rises flattened out in June - a key renewal date for Florida and some US nationwide accounts - as the industry built up capital levels in a period of little catastrophe activity, Guy Carpenter said in its report on the 1.6 renewals

RenaissanceRe has established a new sidecar Timicuan Reinsurance (Tim Re) III, to take a portion of the Florida homeowners' business written by the Bermudian reinsurer that incepts today (1 June)

A deepening Eurozone crisis is increasing interest in European covered bonds and corporate credit