ILS

The initial industry loss estimate from PCS for the Alberta wildfires has come in at the lower end of anticipated claims ranges.

The timeline for implementing legislation to attract insurance-linked securities (ILS) business to the UK is set to take longer than expected due to increased industry interest, according to the CEO of Scor's Paris-London hub Malcolm Newman.

Chris Parry has left Aon Securities, where he headed the international division of the capital markets team, and is expected to join RenaissanceRe Ventures later this summer

The Insurance Council of Texas (ICT) estimates that three April hailstorms that struck San Antonio will cost insurers around $2bn

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.