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December 2009/1

  • Following the recent ILS trend, the December issue of Trading Risk is a bumper one -  increasing in size during production to 20 pages.
  • Reinsurer plans launch of £67mn Lloyd's syndicate and retro sidecar
  • Bank of America tests market for new Barbadian collateralised retro venture
  • Ex-Stark Investments ILS portfolio managers Tony Rettino and John DeCaro have launched Elementum Advisors, completing their management buy-out as first reported by Trading Risk in July.
  • A loss looks increasingly likely on the Class G notes of Glacier Re's 2008 Nelson Re, as claims from last year's Hurricane Ike threaten to trigger the bond.
  • French reinsurer SCOR Global P&C has launched a EUR75mn Euro wind and Japanese earthquake cat bond, Atlas VI, as first predicted by Trading Risk in October.
  • Zurich American Insurance Company is believed to be closely monitoring the progress of Swiss Re's Redwood XI as a test case for its mooted Lakeside Re cat bond renewal, Trading Risk understands.
  • Did earthquake model changes make 2009 Redwood series viable?
  • Secondary market traders registered an uptick in cat bond trading in November, as the US wind season drew to a close and US wind-exposed bonds came off-risk.
  • The secondary market price of 2009 cat bonds has shot up to an average 108-112 cents to the dollar, reflecting strong demand for the high yields in early post-Lehman issuance.
  • Secondary market pricing on Glacier Re's troubled Nelson Re Class G notes slumped to around 7-10 cents to the dollar after Moody's Investor Service downgraded the $67.5mn US wind-exposed G tranche in late November on news of mounting losses from Hurricane Ike.
  • The four cat bonds to close in recent weeks were all upsized, but investors' participation was still heavily marked down...
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