ILS

Validus CEO Ed Noonan has suggested that the carrier is rethinking its strategy for its hedge fund reinsurance vehicle following another set of losses last quarter.

After several years of increasing its private risk transfer, Florida Citizens will enter a holding pattern for its 2016 reinsurance buying as it prepares for a significant restructure in 2017, The Insurance Insider can reveal.

The cat bond market could be set to make its biggest payout since 2011 as a result of Hurricane Patricia, which hit Mexico as a Category 5 hurricane last week.

Insurance-linked securities (ILS) fund manager Credit Suisse Asset Management (CSAM) now has a second rated platform to draw on following the launch of Humboldt Re last week.

A record-strength Category 5 hurricane is on course to make landfall on the Pacific coast of Mexico later on today (23 October), bringing with it extreme wind, rainfall, storm surge and surf, the National Hurricane Center (NHC) has warned

Axis Re CEO Jay Nichols said that convergence in the reinsurance industry would continue as insurance-linked securities (ILS) funds and traditional reinsurers will continue to resemble one another more closely.

New hedge fund reinsurers need to successfully launch on the public markets before they can follow in the wake of Third Point Re, according to a panel of experts speaking at the Trading Risk New York Rendez-Vous 2015.

Alleghany subsidiary TransRe draws on more than $350mn of sidecar capacity, making it a significant player in the market, sister publication Trading Risk revealed last week.

A second rated reinsurer from Credit Suisse Asset Management (CSAM) is set to be up and running just a year after the manager launched Kelvin Re, sister title Trading Risk understands.

Newly acquired fund manager Catco is preparing to expand its listed retro fund, the Catco Reinsurance Opportunities Fund, after setting a $750mn upper limit for new potential share issuances over the coming year.

US mutual fund manager Stone Ridge Asset Management added to its portfolio of reinsurer sidecars in the mid-year renewals, investing a further a $100mn in Swiss Re's Sector Re vehicle, sister publication Trading Risk reported late last month.

The International Underwriting Association (IUA) has added to the chorus of support for the e-placement commitment announced last week at the London Market Group (LMG) forum.