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ILS

  • Floridian state-backed insurer Citizens has trebled the amount of capacity in its first ever cat bond placement to $750mn, marginalising traditional reinsurance from its planned $1bn private risk transfer purchase.
  • French state-owned reinsurer CCR has issued a results release saying that its combined net losses from catastrophes in Thailand, Japan and New Zealand were just EUR196mn.
  • Hedge fund-backed Bermudian start-up Third Point Re is thought to be kick-starting its property catastrophe portfolio via a $50mn sidecar vehicle, sister title Trading Risk revealed last week.
  • With its first cat bond in the market, Florida's state-backed insurer Citizens is now assessing the availability and pricing of capacity to fill its traditional reinsurance programme.
  • Texas and Oklahama insurance trade body Southwestern Insurance Information Service, (SIIS) has released a preliminary estimate of at least $300mn in insured losses from the tornadoes and hail storms that struck the Dallas, Fort Worth (DFW) area last Tuesday (3 April).
  • First quarter global catastrophe losses may have been a fraction of the record impact recorded in Q1 2011, but tornado activity in the US gave an early remainder of the destruction caused by convective storms last year with the most active months of the season still to come.
  • New capital continues to be drawn to the insurance industry as the rating environment improves, but it is seeking different entrances to the market as the start-up model falls out of favour, says Willis Re's "1st View" report
  • Cat bond issuance neared $2bn at the start of the second quarter, well ahead of the $1.2bn it had reached by the same time last year, as a competitive supply of new capital drives pricing down
  • Asset manager BlackRock ventures into the direct insurance arena with $300mn vehicle. The Insurance Insider compares options available to new capital
  • US cat-exposed small commercial insurance specialist Icat Syndicate 4242 is rethinking its reinsurance structure as rates rise ahead of the prices it can charge its own clients
  • Swiss Re has closed its new multi-sponsor cat bond Combine Re on target at $200mn, offering an indication of ILS investor appetite at two very different ends of the US risk scale.
  • Bermudian (re)insurer Alterra is fundraising for another incarnation of its New Point fleet of retro sidecars ahead of the mid-year US renewal season.