ILS

Swiss Re has closed its Kortis Capital bond fully subscribed, raising $50mn from the first bond to securitise longevity risk.

The closure of Swiss Re's $170mn Successor X cat bond ended a busy fourth quarter for the insurance-linked securities (ILS) market, with (re)insurers placing $2.2bn of bonds in the capital markets to contribute to a total of $5.2bn for the year.

American International Group (AIG) has taken a further step towards loosening its reliance on the US government with a new $4.3bn credit facility.

Lloyd's heavyweights Amlin, Kiln and Hiscox are among the reinsurers on the middle NZ$1.5bn layer of the New Zealand Earthquake Commission's reinsurance programme which is now set to face a significant claim.

US wind prices on industry loss warranty (ILW) contracts have dropped by as much as 20 percent for certain triggers after the hurricane season closed, according to broker Aon Benfield Global ReSpecialty.

Chartis subsidiary National Union Fire Insurance Company of Pittsburgh (NUFI) last week almost doubled the size of its second Lodestone cat bond issuance, placing $450mn at the expense of the collateralised reinsurance market.

Bermuda-domiciled catastrophe fund Catco has raised $80mn through an initial public offering (IPO) on the London Stock Exchange (LSE).

Newly minted Bermuda-domiciled catastrophe fund Catco has raised $80mn through an initial public offering (IPO) on the London Stock Exchange.

Leading ILS fund manager Credit Suisse Asset Management (CSAM) has secured $400mn of contingent capital for a new energy-focused (re)insurance vehicle that will launch if the market hardens

Cathedral's Lloyd's Syndicate 2010 was the protection buyer involved in an innovative private cat bond securitisation that may pave the way for future syndicates or smaller (re)insurers to acquire protection from the capital markets

Around half of the estimated $100mn "cold spot" industry loss warranty (ILW) market has triggered as the latest loss estimates for the New Zealand earthquake top $3bn

We look at every ILS transaction this year - including those in a bumper pipeline - and conclude that issuance will reach over $5bn