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December 2010/1

  • The investment banking arm of broker Willis has predicted at least $6bn in ILS issuance for the coming year, building on strong 2010 performance which saw $4.8bn of non-life natural catastrophe bonds placed in the capital markets.
  • ILS stalwart Swiss Re closed its fourth cat bond in the space of a month with its EUR75mn Green Fields transaction on behalf of French insurer Groupama.
  • Swiss Re closed its third Successor X offering at $170mn, taking 2010 new ILS issuance to $5.2bn.
  • US wind prices on industry loss warranty (ILW) contracts have dropped by as much as 20 percent for certain triggers after the close of the hurricane season, according to broker Aon Benfield Global ReSpecialty.
  • Chartis subsidiary National Union Fire Insurance Company of Pittsburgh (NUFI) almost doubled the size of its second Lodestone cat bond issuance, placing $450mn at the expense of the collateralised reinsurance market as ILS prices came in 30 percent cheaper, Trading Risk understands.
  • More than $1bn of cat bond and industry loss warranty (ILW) capital has been placed in 2010 using the Perils European industry loss index as a trigger.
  • A healthy market in private (A)XXX US life reserve securitisations should emerge into the public limelight next year as the life securitisation market continues to recover, Swiss Re says.
  • A large portion of cat fund Solidum's $4.25mn private cat bond notes traded in the secondary market earlier this month, Trading Risk can reveal.
  • The cat bond market is on track to post absolute growth next year after three years of contracting, reinsurance giant Swiss Re's predicted today (14 December).
  • A true marker of liquidity in the secondary market has been set with a EUR2mn secondary market trade in Scor's latest Atlas VI notes, just four minutes after the deal closed.
  • Goldman Sachs-owned Rothesay Life will buy pensions insurer Paternoster for an undisclosed sum, further increasing the firm's scope in the longevity sector.
  • Capacity in Credit Suisse Asset Management's (CSAM) IRIS insurance-linked funds has hit $3bn and continues to rise, Trading Risk can reveal.