ILS

The Texas Windstorm Insurance Association (Twia) confirmed today (2 June) that it had reduced the size of its traditional reinsurance programme by $100mn.

Blackstone has allocated $250mn to Hudson Structured Capital Management's new reinsurance and transport finance funds, Trading Risk understands.

After three years of low activity the US is set to experience near-normal storm activity in the upcoming Atlantic hurricane season, the National Oceanic and Atmospheric Administration (NOAA) said last week (27 May).

Allianz Risk Transfer has launched its first insurance-linked securities (ILS) issuance with the Blue Halo Re cat bond, which seeks reinsurance cover of $150mn, Trading Risk understands.

Florida specialist insurers have made increasing use of alternative reinsurance in recent years, according to a research report on the local market by Fitch Ratings.

Mike Millette's start-up fund manager Hudson Structured Capital Management has launched after securing a $250mn investment from Blackstone, sister publication Trading Risk reported this morning (26 May).

Florida Citizens Property Insurance plans to reduce its reinsurance cover in place for the 2016 hurricane season by more than a third from last year, sapping demand in the Sunshine State.

Investment bank Credit Suisse has scaled back the size of its innovative Operational Re bond, which is set to close at CHF200mn, sister publication Trading Risk reported last week.

Florida insurers Security First and United P&C both launched first-time cat bond issuances last week, sister publication Trading Risk reported.

The World Bank plans to raise $500mn of (re)insurance funding for a new pandemic facility.

Credit Suisse has reduced the target size of its operational risk insurance securitisation to CHF200mn ($203.71mn), substantially lower than the CHF630mn originally sought, sister publication Trading Risk reported today (18 May)

Fronting carrier State National has acquired the first of two shell companies that it will use to write business for Bermudian fund manager Nephila Capital