ILS

The California Earthquake Authority (CEA) has lined up the second $1.25bn portion of its 2012 reinsurance programme, according to board meeting materials posted on its website.

Willis-backed insurance investor Hendiatris is still doing the rounds to sign up investors and will not be quoting for 1 January renewals, The Insurance Insider has learned.

Lloyd's insurer Amlin is turning to the cat bond market for the first time through its new Tramline Re offering

The developing Thai flood loss has proved "the straw that broke the camel's back" for the retro market, signalling a hardening environment and a 1 January renewal that will match the reinsurance market for its difficulty and lateness

The experience of continental reinsurers Hannover Re and Scor in 2011 highlights the value of retro as a product, but also the challenge of renewing cover in a tighter post-loss market

American Family Mutual stands to pick up a $200mn payout from the cat bond market after its second Mariah Re bond was put on its way to being declared a total loss

Defunct Swiss reinsurer Glacier Re has further extended the maturity date on its loss-struck Nelson Re Class G notes, as the debate over covered losses from 2008's Hurricane Ike continues

An estimated 6-10 cat bonds are expected to be pitched to capital markets investors this month as the ILS sector ramps up for what is predicted to be a busy 2012

Broker Aon Benfield says Thailand flooding may cost the (re)insurance industry more than $10bn, after Swiss Re this morning estimated insured losses at $8-11bn from the disaster.

Stephen May, the former Benfield Group aviation broker and CEO of UK-headquartered insurance services provider Kane Group has left the company he effectively founded just months after private equity firm CBPE Capital took a stake in the business

A planned $125mn cat bond from California workers' compensation insurer State Compensation Insurance Fund (SCIF) and a repeat deal from French reinsurer Scor are set to take total issuance past the $4bn mark this year.

Collateralised retrocession writer Catco has attracted at least $375mn from a new fundraising round, putting the firm's reinsurance funds under management at nearly $900mn in its first year.