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Capital markets

  • Credit Suisse Asset Management, manager of London-listed insurance-linked securities fund DCG Iris, said insured losses from the UK floods could exceed $2bn (£1.2bn) in the biggest loss estimate to date
  • Willis Re today (19 February) warned that the competitive pressure driving declines in property catastrophe rates is starting to spill over into the casualty reinsurance markets
  • Catlin Group has created two reinsurance funds with internal capital as it weighs up whether to enter the third-party asset management space, according to the London-listed (re)insurer's founding CEO Stephen Catlin.
  • Munich Re is seeking to raise up to $100mn from a new Queen Street cat bond that will again cover Australian cyclone risk.
  • The retrocession market is now significantly more focused on aggregate capacity following the 1 January renewals as demand for occurrence covers shrank, according to Credit Suisse Asset Management's head of insurance-linked securities (ILS) Niklaus Hilti.
  • The 10 largest insurance-linked securities (ILS) fund managers now control almost $36bn of assets, a total which rose by 29 percent over the course of 2013, according to an exclusive survey by our sister publication Trading Risk. Normal 0 &
  • Tokio Marine is seeking earthquake cover from the cat bond market with its latest issuance, Kizuna Re II, sister publication Trading Risk reported.
  • Catlin can draw on $300mn of third-party capital after creating a non-Lloyd's collateralised quota-share vehicle for 2014 and expanding its special purpose syndicates (SPSs), according to the company's founding CEO Stephen Catlin.
  • Validus Re has thwarted the US government in a dispute with the Internal Revenue Service (IRS) over a $435,380 tax bill it was forced to pay on retrocession cover. It could have wide-ranging implications
  • Catlin has established a new sidecar vehicle that provides it with collateralised reinsurance support, the company said as it released its 2013 results
  • RenaissanceRe almost doubled the limit deployed via its Upsilon Re retrocession sidecar in the January 2014 renewals, the company told sister publication Trading Risk.
  • Some 15 percent of Montpelier Re's net property catastrophe premiums were written on a collateralised basis in 2013, according to the reinsurer's annual results.
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