ILS

California workers' compensation insurer State Compensation Insurance Fund is turning to the cat bond market to source earthquake reinsurance, sister publication Trading Risk reported yesterday.

PartnerRe has replenished the limit on its share repurchase programme, giving the company permission to buy back up to 7 million common shares.

Two of the largest ILS fund managers are caught up in uncertainty over the news that Credit Suisse is integrating its private bank subsidiary Clariden Leu into the group operations.

Start-up insurance-linked securities (ILS) operation Dunamis Holdings is the latest to back private cat bonds with the launch of a new "one-stop" issuance facility to transform risk into the capital markets.

Chartis subsidiary National Union Fire Insurance Company (NUFI) has more than doubled its Compass Re cat bond from a $275mn target to close at $575mn, The Insurance Insider's sister publication Trading Risk reported last week.

European (re)insurers could be made to hold more capital against their holdings of Eurozone sovereign debt under Solvency II investment rules, after the European Insurance and Occupational Pensions Authority (EIOPA) said the current rules need to be reconsidered.

Aggregate industry loss warranty (ILW) covers have grown in popularity this year but there are questions over how much supply will be in the market next year.

Hannover Re is braced for a challenging retro renewal as it approaches capacity providers for at least EUR450mn of 2012 cover this month.

Investors in the top-lying tranche of the Mariah Re tornado cat bonds have lost more than 10 percent of their capital after a total loss on the lower-lying bond

Collateralised reinsurers have significantly increased their participation on the giant California Earthquake Authority (CEA) 2012 reinsurance programme

A $125mn Residential Re offering from USAA and a $275mn Compass Re issuance from Chartis are poised to hit the market

A trio of new cat bonds closed above their target, taking new issuance to $410mn at the beginning of Q4 and passing the $3bn mark for the year to date