ILS

An attempt by the Insurance Futures Exchange (IFEX) to have cat derivatives recognised as reinsurance by Florida regulators failed to pass into law before the legislative session closed.

Bermudian (re)insurer Lancashire Group's head of retro, Bryan Bumsted, has resigned to join George Soros-backed Q Re, Trading Risk revealed late last month.

Six cat bonds valued at more than $1.5bn were released in a late May rush of insurance-linked securities (ILS) issuance, taking total capacity available to (re)insurers at the start of the US hurricane season to $2.4bn.

Catlin's $150mn IPO Long Bay Re is withdrawn - the latest 2010 sidecar to remain on the grid

The first ever attempt to publicly float an evergreen reinsurance sidecar has failed after Catlin Group pulled the plug on the listing of Long Bay Re, scheduled for tomorrow (4 June).

There is a growing consensus that 2010 will be an active year for the North Atlantic hurricane season afte

Bermudian Flagstone Re is unlikely to expand aggressively in 2010 after it announced the departure of its founding chairman Mark Byrne and the addition of $50mn to its share buyback programme.

The German financial regulator has banned naked short selling of stocks in key financial services companies including Munich Re and Hannover Re, as concerns rise over the stability of the Eurozone.

Three cat bonds have closed in the last week taking the total 2010 issuance so far to $2bn, amid a late rush to place risk into the capital markets before the hurricane season.

The launch date of Long Bay Re - Catlin Group's $150mn sidecar due to IPO on AIM this week - has been delayed to next month, The Insurance Insider understands.

Bermudian-headquartered international specialty insurer Ironshore has completed a $250mn private debt offering of 8.50 percent senior notes, which become due in 2020.

US military insurer USAA is looking to place $500mn of risk into the capital markets through its 2010 Residential Re transaction, The Insurance Insider's sister publication Trading Risk revealed last week.