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April 2013/1

  • ANV stake adds to OTPP's heavyweights; LGT opens Bermudian cells; Blue Capital in second round of fundraising
  • Property sums insured for European windstorm risk have increased by 1.9 percent year-on-year across the 11 markets covered by data company Perils
  • PartnerRe is the latest reinsurer to establish its own strategic sidecar vehicle with the launch of the $75mn Lorenz Re
  • Leadenhall Capital Partners has launched its first commingled fund solely focused on life insurance-linked investments, the Dublin-based Leadenhall Life Insurance Linked Investments Fund
  • ILS fund manager returns have begun 2013 on a positive trajectory after improving on fourth quarter increases
  • Tokio Millennium Re recouped $20.5mn from industry loss warranties (ILWs) traded as livecat contracts during Superstorm Sandy, the company disclosed in its 2012 annual report
  • Strong demand in the secondary cat bond market is resulting in "pre-sell" bids being placed on new notes above par value before the deals have even closed, according to sources
  • The cat bond market has softened more quickly in 2013 than during the last soft market just before the 2011 Tohoku quake, according to a new report from Lane Financial
  • The 1 June renewal of the Texas Windstorm Insurance Association (TWIA)'s $850mn cat programme remains uncertain, with the very existence of the residual insurer under considerable threat.
  • Rates on Florida business are expected to soften at the 1 June renewal despite significant new demand for limit in the market.
  • Cat bond issuance has picked up pace to boost first quarter issuance to $1.35bn, just behind last year's record-breaking $1.5bn
  • Reinsurance programme restructures from two very different buyers in the lead-up to the key mid-year wind renewal have provided early evidence of an expected increase in participation from alternative providers in the traditional open market for US cat reinsurance.
  • Niklaus Hilti, ILS manager at Credit Suisse - the second-largest operator in the ILS fund sector - said last year that reinsurers trying to take on the funds management business "all think this is El Dorado".
  • The collateralised reinsurance market has grown by 44 percent over the past nine months from $9bn to $13bn at March 2013, according to estimates from Guy Carpenter
  • Swiss Re now ranks 2011 ahead of 2005 as the costliest catastrophe year ever for insurers, according to the reinsurer's latest Sigma report.
  • Catco could lose another 4.7 percentage points of returns from its 2012 portfolio if the PCS estimate for Superstorm Sandy losses were to rise to $26bn, according to a presentation seen by Trading Risk
  • I wonder who first used the term "hot capital" to describe the current investor enthusiasm for the alternative reinsurance market?
  • The ILS market is maintaining discipline even as strong demand pushes down pricing, participants at the inaugural Sifma Trading Risk roundtable argued.
  • A proposed Dutch flood pool could become the third-biggest catastrophe placement in the world if it proceeds with plans to place a giant EUR4bn cover, sister publication The Insurance Insider reported.
  • Specialist ILS fund managers are coming under increased fee pressure from institutional investors, despite increased inflows into the sector, Trading Risk has found
  • The ILS market is unlikely to see another structure similar to the disputed Nelson Re cat bond in the near-term, according to Fermat Capital co-founder John Seo.
  • Pimco is understood to be among the wave of generalist investors renewing their interest in the cat bond market, forming part of a trend that has helped de-couple cat bond pricing dynamics from the reinsurance market cycle
  • Swiss Re has recouped $7.2mn of Hurricane Sandy losses from its Vega Capital 2010 cat bond in the second investor payout on the three-year deal, according to a Moody's rating note.