ILS

Nephila has continued to build out its peak zone MGA platform with additional key hires and is in advanced negotiations to add to its existing State National facility with other fronting carrier relationships, The Insurance Insider can reveal.

Further details on the work being done to bring insurance-linked securities (ILS) business to the UK are expected to be unveiled in this week’s Autumn Statement, according to PwC.

The cat bond market will look to build on one of its pillars of competitiveness - multi-year reinsurance solutions - by offering increasingly long-dated risk, according to Aon Securities CEO Paul Schultz.

Insurance-linked securities (ILS) fund manager Credit Suisse will launch one of the largest Lloyd's start-ups in January with the £90mn Arcus Syndicate 1856, after receiving final approval from the Lloyd's Franchise Board.

Listed Lloyd's carrier Novae and top-10 alternative fund manager Securis have received formal approval from the Corporation to launch Special Purpose Syndicate (SPS) 6129 on 1 January

Credit Suisse-backed Arcus Syndicate 1856 has received approval from the Lloyd's Franchise Board to begin trading on 1 January 2016

There is room for insurance-linked securities (ILS) capacity to grow even without expanding the size of the catastrophe reinsurance market, Aon Securities CEO Paul Schultz said at the ILS Bermuda Convergence 2015 conference last week (11 November).

Nephila Capital has added two years to the term of its exclusive tie-up with fronting provider State National, extending the arrangement until 2019.

Everest Re is set to close its largest cat bond issuance to date through the $625mn Kilimanjaro Re 2015 transaction, sister publication Trading Risk reported last week.

The global reinsurers reported weaker underwriting results in the third quarter as Tianjin losses and higher expenses more than cancelled out an uptick in reserve releases.

AM Best has affirmed its A- rating on Kelvin Re as it confirmed the Credit Suisse-managed carrier had written more than $120mn of gross premium during the first nine months of 2015.

The bidding war for insurance outsourcer and software group Xchanging plc has been thrown wide open with a late show of interest from IT services firm Computer Sciences Corporation (CSC).