ILS

The London market ILS framework needs to introduce clearer terminology on the requirement for transaction structures to be "fully funded" to avoid uncertainty, according to Clifford Chance, legal advisers to London Market Group (LMG)'s ILS working group.

The UK government today published draft regulations for a new regulatory and tax framework for insurance-linked securities (ILS), the final version of which will be brought before parliament in spring 2017.

Companies within The Insider 30 recorded mixed stock movements last week, offsetting each other to close down 10 basis points on average.

The final PCS industry loss figure for the Fort McMurray wildfires in Alberta, Canada has settled at C$3.98bn ($2.96bn), sister title Trading Risk reported last week.

Two repeat cat bond sponsors are set to raise as much as $650mn of reinsurance limit from the insurance-linked securities (ILS) market as pricing on their new deals came in at competitive levels, sister publication Trading Risk has reported.

Endurance's third party capital management platform Blue Capital reported that its London-listed reinsurance fund took $6.8mn of losses in October that were primarily linked to Hurricane Matthew

Nephila-backed managing general agency Velocity Risk Underwriters has expanded from Florida and Connecticut into Texas, as the state's insurer of last resort gets its first depopulation initiative underway.

Chubb surprised investors and analysts alike by laying out plans to repurchase $1bn of its own shares by the end of 2017, less than a year after combining with Ace Group.

The UK chancellor's Autumn Statement will provide further detail on the provision of the taxation and structural positions to make London an insurance-linked securities (ILS) hub, The Insurance Insider understands.

The UK government has appealed to Chinese delegates from the financial services industry to consider London as the home for future Chinese cat bonds

Fronting specialist State National reported strong top- and bottom-line growth for the third quarter and upped targets for the full year.

After a string of worsening underwriting results AM Best has punished hedge fund reinsurer Greenlight Re by downgrading its financial strength rating from A to A- and its credit ranking from a to a-.