ILS
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New cat bond issuances in Q2 were higher than any other quarter on record, as a number of $500mn+ deals boosted volumes, Aon Securities said in its latest quarterly ILS report.
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Third party capital bolstered growth for both Validus asset manager AlphaCat and Bermudian carrier RenaissanceRe in the second quarter.
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Willis Towers Watson Securities has said the record $6.3bn of non-life cat bond issuance in the second quarter may spell the beginning of the end for traditional property cat reinsurance.
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Two reinsurer sidecar vehicles have not been renewed in 2017 as Scor and PartnerRe each decided they no longer needed retrocession cover in this format, sister publication Trading Risk revealed last week.
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Reaction to the UK government's insurance-linked securities (ILS) regulations released last week has been positive, with market participants saying their concerns about earlier draft proposals had been noted and the end result was a framework they could work with.
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P&C (re)insurers experienced a relatively benign quarter in terms of natural catastrophe events, though recent company disclosures have dented more bullish assumptions about related losses.
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Marathon efforts to establish London as an insurance-linked securities (ILS) hub passed a major milestone last week when the UK government released final regulations for the new regime.
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The UK's attempt to get a local hub for ILS business up and running has encountered a fair amount of classically glum British scepticism in the past couple of years
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The UK government has today released final regulations that will introduce a local insurance-linked securities (ILS) framework, taking a major step toward having a hub for the business up and running by January.
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Hannover Re said that it had written an additional $2.5bn of limit in fronted business in recent years, after completing $960mn of cat bonds this year for three organisations.
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AmTrust is set to raise its targeted $100mn from its first public cat bond deal, Fortius Re, as the insurer managed to close the deal for a premium rate that was below its initial target, sources told Trading Risk.
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The Mexican government's natural disaster fund Fonden is working with the World Bank to renew its cat bond cover after its previous deal paid out $50mn linked to a 2015 hurricane, sister publication Trading Risk reported.