ILS

Probable maximum losses (PMLs) for US wind risk generally subsided ahead of the peak North Atlantic hurricane season, as (re)insurers tweaked their cat exposure in the face of a prevailing soft market environment.

Amtrak subsidiary Passenger Railroad Insurance has begun marketing a $200mn cat bond in what is only the second insurance-linked securities transaction to focus on storm surge risk, sister publication Trading Risk reported last week.

Global carrier Zurich will not renew its Lakeside Re cat bond when it matures at year-end, as it plans to shift the focus of its reinsurance buying away from regional covers and towards global protections.

Aspen is still working on its protracted hedge fund reinsurer project and has now entered the process of fundraising with Goldman Sachs, The Insurance Insider understands.

US state-funded rail operator Amtrak is seeking to raise $200mn from PennUnion Re in what will be only the second cat bond to cover storm surge, sister publication Trading Risk reported earlier today (17 September)

Fund manager Catco will look to move beyond its current retro focus to target reinsurance and insurance business after its acquisition by Markel, according to the US carrier's president of global reinsurance Jed Rhoads

Nephila has signed a deal with Technical Risk Underwriters (TRU) to provide US property capacity to Ryan Specialty Group (RSG)'s managing general agency (MGA), The Insurance Insider can reveal

Legacy-to-live carrier Enstar is exploring a hedge fund reinsurance start-up in conjunction with alternative investment manager UBS O'Connor, The Insurance Insider can reveal

Transformer start-up Clear Blue is on course to launch next month with an A- AM Best rating, The Insurance Insider can reveal

Chinese conglomerate Fosun has announced a HK$11.7bn ($1.5bn) rights issue, according to a statement filed with the Hong Kong stock exchange.

Guy Carpenter and advisory firm Vario Partners are planning to launch a new joint venture, Vario Global Capital, which they hope will become the leading insurance-linked securities (ILS) manager for non-catastrophe risk.

Liberty Mutual's director of global reinsurance strategy has predicted that the top tier of global reinsurers could capture as much as 75 percent of the market's premium in the future, as consolidation becomes more intense