ILS

Reinsurers continued to concede rate reductions at 1 April, with "the reinsurance value proposition for insurance companies" improving in line with 1 January, according to Aon Benfield's renewal report.

Nephila's Syndicate 2357 declared a profit of $16.7mn for 2015, more than double the $7.9mn reported in 2014, following its first full year of underwriting.

Credit Suisse is progressing its plans to issue an operational risk insurance securitisation after a major single investor said it would take at least SwF100mn ($105mn) of the transaction, sister publication Trading Risk has reported.

A Chinese state-owned enterprise (SOE) is looking at tapping into the capital markets by issuing a corporate cat bond, sister publication Trading Risk has learned.

US insurer Midwestern Dependable has become the latest cedant to tap the capital markets with a catastrophe bond, The Insurance Insider understands

The industry taskforce established to bring insurance-linked securities (ILS) business to the UK will focus on creating a vehicle structured similarly to Richard Brindle's Fidelis venture, as it seeks to establish London as an ILS hub.

Global alternative asset manager The Carlyle Group has acquired a majority stake in Wholesale Trading Co-Op Insurance Services, a privately-held wholesale insurance broker.

International broking group Arthur J Gallagher (AJG) has confirmed it has agreed to buy Kane’s insurance management (KIM) operations, in a move first revealed by our sister publication Trading Risk in early February.

A handful of Florida carriers are looking to reduce their reliance on the state-backed Florida Hurricane Catastrophe Fund (FHCF), which is expected to create more than $900mn of new demand for private cover at this year's June renewals, Trading Risk reported earlier this month.

The California Earthquake Authority (CEA) topped up its traditional reinsurance limit with an extra $175mn placement in December, sister publication Trading Risk reported last week.

The UK government has formally outlined plans to legislate the tax treatment of insurance-linked securities (ILS) vehicles by including the proposal as a commitment in its annual budget proposals

The insurance-linked securities (ILS) market will face its second claim this year after Lottoland said that its ILS transaction would pay out to cover a EUR14mn jackpot win in a German lottery draw.