ILS

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).

The government of Gibraltar has announced the introduction of protected cell legislation to target the insurance-linked securities (ILS) reinsurance market

Amendments included in the Bank of England and Financial Services Bill will make it easier to conduct insurance-linked securities (ILS) business in the UK

Lloyd's managing agency Novae has secured approval from the Corporation to establish a special purpose syndicate (SPS) with capital backing from major alternative fund manager Securis, sister title Trading Risk reported late last week.

The London taskforce established to attract insurance-linked securities (ILS) business to London is considering how the Lloyd's market could play a regulatory role in helping business to be done locally.

Lloyd's managing agency Novae has secured approval from the Corporation to establish a special purpose syndicate (SPS) with capital backing from major alternative fund manager Securis, sister title Trading Risk reported late last week.

Standard & Poor's (S&P) has placed its B- rating on the MultiCat Mexico series 2012 Class C notes on creditwatch with negative implications after Hurricane Patricia made landfall on 23 October.

Catco expects to have more than $3bn of capital to deploy ahead of the 2016 renewals, said CEO Tony Belisle after the fund manager raised $88.44mn of gross proceeds from a new share issuance for its London and Bermuda-listed Reinsurance Opportunities Fund.

Government-backed terrorism pool the Australian Reinsurance Pool Corporation (ARPC) is planning to bring in insurance-linked securities (ILS) markets to participate on its A$3.2bn ($2.27bn) retro programme.