ILS

State-backed Floridian insurer Citizens said it planned to transfer more than $1bn of risk to the private reinsurance market this year, despite tripling cover under its first ever cat bond to $750mn…

Florida Citizens' $750mn Everglades Re cat bond and Swiss Re's upsized Mythen Re bond will take total issuance for the year to date to $3.13bn - well ahead of the $1.2bn reached by the same point in 2011

Marsh & McLennan Companies (MMC) has bought a minority stake in Juniperus Capital, the insurance-linked securities fund that was launched by its rival Aon Corp

Sister title Trading Risk navigates the various new vehicles looking to cash in this mid-year. But will the rates be sufficient?

Florida state insurer Citizens said it plans to transfer more than $1bn of risk to the private reinsurance market this year after closing its inaugural Everglades Re cat bond at $750mn today.

Bermuda-based run-off player Catalina has appointed investment bank Morgan Stanley to sound out potential new investors to back the legacy buyer, The Insurance Insider understands.

The New York Federal Reserve Bank has now sold its tranche of collateralised debt obligations (CDOs) in its Maiden Lane III vehicle -stemming from its 2008 bailout of American International Group (AIG) - to a consortium comprising Barclays Capital and Deutsche Bank Securities.

Fitch has affirmed the AA rating of state-run (re)insurer the Florida Hurricane Catastrophe Fund (FHCF)'s debt just as Citizens, the Floridian insurer-of-last-resort, has turned to the alternative (re)insurance market for $750mn of cat bond cover.

Marsh & McLennan Companies (MMC) has bought a minority stake in Bermudian insurance-linked securities (ILS) fund manager Juniperus Capital

With 2011 being the worst year on record for insurance cat losses, 2012 is a "very good moment" to start investing in insurance-linked securities (ILS), according to Clariden Leu's head of ILS investments Michael Stahel.

Secondary cat bond pricing fell 2 percent in the first quarter of 2012 as an active new issuance pipeline and selling pressure pushed the market down, according to Aon Benfield Securities.

Swiss Re is seeking $150mn of cover for US and European windstorm with its latest cat bond offering, Mythen Re, sister publication Trading Risk revealed last week.