ILS

Japanese mutual Zenkyoren is one of four cat bond sponsors revisiting the market in a busy start to 2012, sister publication Trading Risk has reported.

Loss-struck insurer State Auto has successfully arranged a 75 percent quota share of its homeowners' business, providing it with much needed capital relief after its earnings and balance sheet were hammered by last year's record tornado season.

One of the largest family office investors in Japan has launched a $30mn cat (re)insurer in Bermuda with plans to bulk up as opportunities arise, sister publication Trading Risk reported today (16 January).

Outstanding capacity in the cat bond market expanded slightly in 2011 to reach $14bn after closing $4.6bn in new placements during the year, according to Aon Benfield data

The cat bond market is soaking up new demand for peak European and US reinsurance cover after retrocession capacity was squeezed at the 1 January 2012 renewals

If it is received wisdom that no New Year's resolution has a lasting impact, then Chartis' determination to emerge in 2012 with a slimmed down catastrophe reinsurance programme may be the exception that proves the rule.

Third Point has managed to attract a significant sum on top of the $500mn backing it had initially secured when The Insurance Insider revealed news of its launch last October, but is slightly shy of the $750mn-$1bn of launch capital targeted

Start-up reinsurer Third Point Re won its targeted A- financial strength rating from rating agency AM Best and was underwriting risks incepting at 1 January 2012.

The nuclear market is set for a shake-up with the launch of a new agency backed by $200mn capacity from Lloyd's (re)insurer Amlin and other Lloyd's security.

Investors in the Mariah Re tornado bond faced a nervous wait over the New Year to find out how much of their $100mn capital has been paid to bond sponsor American Family Mutual to settle claims.

Cat bond issuance closed at $4.7bn for 2011 after Argo Re raised $100mn from its second deal of the year just before the Christmas break.

Standard & Poor's (S&P) has lowered its long-term counterparty credit and insurer financial strength ratings on Italian insurer Fondiaria-SAI and its subsidiary Milano Assicurazioni to B from BB+.