ILS

James River investor DE Shaw’s sale of 4.25mn common shares in the Bermuda-based (re)insurer has closed, with the private-equity and hedge fund manager agreeing to accept $39.41 a share from underwriter Morgan Stanley.

Hamilton Re has established its first ever special purpose vehicle to provide collateralised capacity for its reinsurance portfolio

Cat bond issuances show no sign of slowing with $7.54bn of funds raised so far in 2017 - closing in on the annual record of $8.93bn issuance in 2014.

Cat bond issuances show no sign of slowing with $7.54bn of funds raised so far in 2017 - only $0.42bn less than the annual record of $7.96bn issuance in 2014.

The California Earthquake Authority (CEA) has raised $925mn from its Ursa Re 2017-1 cat bond, making it not only the organisation's biggest cat bond issuance but also one of the ILS market's largest ever deals.

The New York Metropolitan Transportation Authority (MTA) has achieved significant premium savings on its second cat bond, the $125mn MetroCat Re 2017-1 issuance, according to Trading Risk sources

UPC Insurance incurred almost $20mn of catastrophe losses for the first four months of the year to put it $10mn shy of triggering its aggregate and quota share reinsurance covers, sister publication Trading Risk reported last week

The Florida Hurricane Catastrophe Fund (FHCF) is considering making a $1.0bn reinsurance purchase for the forthcoming year in a bid to protect its resources for future years

The WannaCry ransomware attack has highlighted just how vulnerable today's world is to technological breakdown, as hospitals in the UK were forced to turn away patients while their IT systems were held hostage

Investment bank and fund manager Moelis is cashing out its remaining stake in Kinsale Capital through a secondary offering in which it is selling over 4.3 million shares at $33 each, according to the insurer.

The California Earthquake Authority (CEA) is set to raise more than $900mn of reinsurance cover from its latest Ursa Re cat bond, in the insurance-linked securities market's third mega-sized deal of the year

Specialty insurer Neon is considering setting up an insurance-linked securities fund that would help support its growing property catastrophe book, sister publication Trading Risk reported last week.