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April 2012/1

  • Validus CEO Ed Noonan said the Bermudian (re)insurer is considering its options to raise additional capital for its AlphaCat funds and managed accounts, having received recent interest in the platform.
  • Swiss Re's latest cat bond, Mythen Re, has upsized more than two and a half times to $400mn of cover from the original target of $150mn, Trading Risk understands.
  • The first cat bond from Florida state-backed insurer Citizens is set to triple in size to reach a vast $750mn and take market share from its targeted traditional reinsurance purchase, Trading Risk understands.
  • With 2011 being the worst year on record for insurance cat losses, 2012 is a "very good moment" to start investing in ILS, according to Clariden Leu's head of ILS investments Michael Stahel.
  • Swiss Re has brought cat bond Mythen Re to the market, another North Atlantic hurricane and European windstorm offering with an added second event structure that could help investors diversify within US wind risk, Trading Risk understands.
  • Secondary cat bond pricing fell 2 percent in the first quarter of 2012 as an active new issuance pipeline and selling pressure pushed the market down, according to Aon Benfield Securities.
  • Seed capital investor Northill Capital will buy a majority stake in ILS investment manager Securis Investment Partners, buying out original investors Swiss Re and Stone Point Capital.
  • The capital markets are benefitting this year from a continued drive among state-backed US insurance carriers to offload their risk due to tight budgets and the rising cost of traditional property cat cover
  • ILS fund managers operating in Europe will soon have to deal with a host of new regulations set to come into force five years after the financial crisis. Leonard Ng lays out key elements of the new legal frameworks that will place hedge funds under closer supervision
  • ILS fund managers may have been raking in new capital over the past year but their market share as cat bond buyers is declining as activity among generalist investors picks up
  • The US Jumpstart Our Business Start-ups (JOBS) Act will open the door on advertising and general solicitation during ILS offerings, provided end buyers are qualified institutional investors, said ILS legal expert Stephen Rooney
  • BMA cuts SPI fees; RMS enters casualty model venture; 2011 cats fail to dent capital