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Axis CEO Albert Benchimol said the (re)insurer has done a couple of small third-party deals "which look a lot more like retro than anything else", but that he expects the company's progress in this area to be gradual
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The RBS Group Pension Fund added £139mn to its reinsurance-linked assets in the year to 31 March 2013, according to its latest financial results
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Start-up asset manager Stone Ridge has lifted its initial fundraising target from $500mn to $600mn for a new closed-ended fund
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Bermudian Aspen is understood to be putting the final touches to its first sidecar...
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It is understood that Aspen Re will shortly announce its first sidecar, Silverton Re, which is expected to launch with circa $65mn of capital, sister publication Trading Risk revealed earlier today (30 October).
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Standard & Poor's (S&P) has put the ratings of Munich Re's $150mn Queen Street III cat bond under review for a potential downgrade after the political deadlock over the US debt ceiling triggered the liquidation of a Treasury bill holding its investors' capital at a loss.
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Montpelier Re aims to raise $125mn from the initial public offering of its new Blue Capital Re subsidiary, which could take the vehicle's launch capital to $193.75mn, according to an updated prospectus filed yesterday (29 October) with the Securities and Exchange Commission.
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Validus's reinsurance fund manager AlphaCat Managers made an underwriting profit of $11.9mn in the third quarter despite taking a $15.6mn catastrophe-related hit.
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Intense competition for limited property catastrophe risk has started to deter fresh alternative capital from entering the reinsurance sector, Validus CEO Ed Noonan told The Insurance Insider.
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Everest Re president Dominic Addesso said the company is on track to meet its $250mn target for its Mt Logan Re sidecar by year-end, after the vehicle began writing premiums in the third quarter.
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UK-listed (re)insurer Catlin is set to close its Galileo Re cat bond 70 percent above its initial target at $300mn, as pricing on the deal settled below initial forecasts.
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The onslaught from the capital markets on the property cat sector has reopened the debate about the future for reinsurers with a heavy focus on this line of business.
