Investors (mandates)
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ILS returned 3.2% for the scheme in the first quarter.
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The platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The group has also scaled back holdings with AlphaCat’s Soteria Fund.
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The platform distributed ~$50mn to investors for 2023.
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It is only the second year in the last eight that the allocation grew.
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Head of alternatives Gareth Abley believes the asset class remains attractive following a 16% return in 2023.
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Aside from the one-year view, 2023 remixes the track record.
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The allocation last autumn amounted to around 1.4% of the investment manager’s total funds under management.
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The US pension fund investor had altered its ILS portfolio, with a new investment to Pillar in 2021.
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The Australian sovereign wealth fund first allocated to the ILS manager in 2016.
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn.
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ILS managers are still waiting for hard market growth.
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The fund’s allocation to ILS decreased for the first time in three years.
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The fund has been adapting its investment strategy in light of inflation and rising interest rates.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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The pension fund is seeking a strategy with “low or negative correlation to public equity”.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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The UK asset manager’s ILS strategy is operating across six of its multi-asset funds.
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At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.
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The asset class is finding favour particularly with allocators that have been watching returns play out over the long-term horizon.
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The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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The alternatives manager acquired retirement services firm Athene in January, ahead of its $2bn ADIP sidecar raise.
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The Indiana Public Retirement System has in past years allocated to Aeolus several times, as well as to HSCM Bermuda and Nephila’s Palmetto Catastrophe Fund.
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Conviction for ILS has shifted to ‘overweight’ from ‘neutral’ at the manager.
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The Massachusetts retirement system issued a request for proposals from ILS managers.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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The industry is sharpening its exposure forecasting capabilities in response to investor demand.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
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The Australian investor made 5.0% on its ILS investments in the 12 months to 31 March.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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The asset manager also invests in Pimco ILS and has an inactive mandate with Nephila.
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AP3 noted a ‘very interesting market with widening spreads’ as it made an ILS profit in 2021.
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The Dutch pension adviser hopes to scale the vehicle to $2bn-$2.5bn over time, as it reported a slightly negative ILS return for 2021 and revealed Integral ILS allocation.
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ESG products can provide sustainable returns, panellists suggested.
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The investment firm said that pivoting to a pure-play insurance data business would unlock up to $20bn of value.
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Coca Cola has downsized its ILS holdings almost every year since 2017.
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The investor agreed to buy Ascot in 2016 and Wilton in 2014.
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It will also encompass impact investment manager BlueOrchard, although the microfinancier will keep its independent identity.
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ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses.
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The manager says cedant demand is growing for larger transactions.
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The report also found that reinsurance capital increased by 7% to $658bn.
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The move is part of a wider strategic effort by the broking goliath to quantify the value of intangible assets.
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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
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The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
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The Indiana Public Retirement System (INPRS) added $75mn of capital to an existing mandate with Aeolus's Keystone funds in January, according to reports.
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Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.
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Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.
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Helios said the deal is part of a £60mn share offering to fund further Lloyd’s capacity acquisitions.
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The ILS investments were up 5% year on year and make up around 4.2% of total assets.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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Parent company AIG posted an underwriting loss for the period.
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Investor interest in the asset class should continue through 2021, but the firm has stepped back its outlook from an “overweight” recommendation.
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The move follows the company hiring new InsurTech partner Adrian Jones last month.
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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.
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The executive, who was confirmed in her role earlier this month, bought 19,950 shares at the IPO price of 500 pence per share.
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The move marks its second fundraise after an initial allocation from Canada’s PSP Investments in November.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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The deal is the carrier’s fourth ILS transaction of 2020.
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The 12 Days of ILS Christmas
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The carrier’s long-standing client Alfa has become an equity investor.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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The ILS manager expects investments will have low correlation with the financial markets.
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The Florida Retirement System's ILS allocations reached $740mn at the end of last year and the body will consider scaling up further in 2021.
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The downward move reflects the lagging impact of cutbacks in 2019.
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Investment returns rebounded to a 2.7 percent gain for the half-year to 30 April.
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With a target range of up to EUR100mn ($108.3mn), the PartnerRe stake is one of the fund’s smaller ILS allocations.
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The assets are divided between the company’s pension fund and a post-retirement benefit plan.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19.
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The pension scheme made low single digit returns on ILS holdings with Aeolus and Nephila in 2019.
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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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Investment case is the strongest in more than half a decade, but competition for new inflows is still strong in the buyers’ market.
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The top ILS manager expects assets under management to decline by 7% in H1.
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The major buyback was completed before the Covid-19 pandemic sparked a market crisis.
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The Teacher Retirement System of Texas has increased its allocation amid continuing losses.
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Endowments and family offices have been showing interest in the asset class.
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The sidecar investor kept its major stake in Munich Re’s Eden Re vehicle stable but made few new investments in the latest renewals.
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The finance company is led by ex-Leadenhall deputy CIO Dan Knipe.
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This is the first time premium income has outpaced claims in three years.
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The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.
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The investor bought a minority stake in Elementum last year.
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The fund also lifted the size of a new mandate to Hudson Structured Capital Management as it withdraws from Nephila’s loss-making Palmetto fund.
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The drinks manufacturer first invested in reinsurance in 2012.
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The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.
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Interim CEO Kevin Rehnberg was confirmed as CEO following Mark Watson’s resignation in November last year.
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Youssef Sfaif has worked at the Dutch pension fund since 2017 and was most recently an associate director.
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Third-party investors recorded a $2.6mn underwriting profit for the year.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The deal's spreads are in line with those on the 2019 FloodSmart deal, with slightly higher multiples of premium to risk.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The sovereign wealth entity has taken an equity stake in the Bermuda (re)insurer after also building up an ILS portfolio in the past year.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The bond giant's ILS strategies have now reached $150mn.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
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Bernard Van der Stichele will head the pension fund’s new ILS portfolio.
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The manager said Irma deterioration pushed its 2017 loss out by 1 percent, taking it to 65.9 percent.
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The transaction remains popular with investors given that it has never had a loss and is a diversifier, sources said.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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Overall sidecar capacity has been cut by more than 20 percent, sources estimate.
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The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.
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The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.
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The sums raised for a Cayman Islands fund are in line with expectations that the firm would have under $200mn to deploy in the January renewals.
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The vehicle sits alongside Munich Re's more broadly placed Eden Re sidecar.
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Deputy CIO Dan Knipe is setting up a new credit platform.
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Australian investors were among the ILS pioneers and some speculate that consolidation of Australian pensions into mega funds could help grow the industry’s local presence further.
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The pension plan is hiring a portfolio manager to lead the new programme.
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The Denver-based health insurance company plans to push individual and small group health insurance plans.
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The Axa XL cat bond was so oversubscribed that some investors had their allocations reduced by 60-70 percent, Trading Risk can report.
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More than $2bn of reinsurance quotes have been placed on the platform, with ILS funds among the market participants.
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Victor has significant ties to the ILS space, having launched the Nephila-backed Alternus distribution facility in 2017.
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The vehicle was set up as a Bermuda fund funnelling capital through a Lloyd's corporate member.
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Arthur Jones succeeds Alastair Barbour who in February indicated his intention to retire from the board towards the end of this year.
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The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
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He will have a similar mandate at New York-based One William Street as he had at recently-sold hedge fund BlueMountain.
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Artex reserved for an 8 percent loss to the $18mn aggregate retro transaction, a BSX note said
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The fund manager holds just over $100mn in the Bermudian's Keystone funds.
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Genworth Mortgage Insurance CEO Rohit Gupta said market response to the transaction had been strong.
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The market is pricing Unipol's EUR45mn ($49.50mn) Atmos Re I cat bond for a full loss.
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Hudson Structured founder Michael Millette joins the board of directors after his company led the InsurTech’s latest funding round.
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The pension fund holds 0.6 percent of its assets in ILS.
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The class C notes are being offered with an initial guidance of 525-575 bps.
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Pricing for both tranches of the deal stayed within the midpoint of the initial target range
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Phil Kane has been appointed senior credit officer, reporting to CEO Luca Albertini.
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Currently, most people trying to describe the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles.
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However, executives agreed that 2020 would end with an increase in alternative capital levels.
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The sovereign wealth fund for the United Arab Emirates has allocated more than $0.5bn to the sector, sources said.
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A group of ILS funds tracked by Trading Risk produced more robust returns in Q3 compared to last year’s third quarter, despite Typhoon Faxai and Hurricane Dorian.
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New Zealand’s sovereign wealth fund posted a 2 percent drop in its ILS holdings over its financial year while Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec invested $500mn in a new insurance investment platform.
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Access to risk has been the biggest driver of M&A deals for independent ILS funds, TigerRisk Capital Markets & Advisory co-CEO Jarad Madea said at Trading Risk’s conference in New York last month.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
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Aon’s Dominic Christian says a 35 percent cost base for the (re)insurance industry is not sustainable.
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The sovereign wealth fund held NZ$351mn ($236mn) in the asset class at 30 June.
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The New Zealand Government Superannuation Fund’s ILS holding has dropped to 5.5 percent of total assets.
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The platform will invest in P&C and life companies seeking growth capital, and stronger ratings and scale efficiencies.
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The sovereign wealth fund’s allocation to its alternatives portfolio fell in percentage terms as the fund grew overall.
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The availability of new capital – or the lack thereof – was a hot topic at the Monte Carlo Rendez-Vous.
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The RBS pension scheme increased its allocation to insurance in 2018, including catastrophe and life insurance risks, according to its most recent annual report.
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The allocation to ILS was 5.4 percent of the fund’s $7.4bn assets at the end of 2018.
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At Munich Re's ILS roundtable in Monte Carlo, one of the speakers raised the concept of whether a "flight to quality" amongst ILS investors might be better labelled a "flight to alignment".
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Managing director Philipp Graf said the new arrangement with Allen Partners would bring the full suite of Twelve’s products to institutional investors in Australia and New Zealand.
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Danish pension fund PKA is to close its ILS strategies and will no longer have any investments in the sector at the end of 2019, a spokesperson for the fund told Trading Risk.
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The North Yorkshire Pension Fund upped its ILS investments while the BBC Pension Scheme pulled back.
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ILS funds posted gains in June and July, clawing back four consecutive months of declines, according to the Eurekahedge ILS Advisers Index.
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It holds $241mn in catastrophe reinsurance after lifting its allocation in 2018.
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The fund now has £159.4mn allocated to ILS through Leadenhall Capital Partners.
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The scheme now holds £41.2mn via Securis, compared with £98.1mn last year.
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The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
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The fund can meet the demand for ESG investments while at the same time providing a commercial return, advisors Global Parametrics said.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates.
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Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The average ILS fund was down by 1.13% in May as measured by the Eurekahedge ILS Advisers Index.
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The investment comes as Hudson Structured surpassed $2bn of assets under management.
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Catastrophe losses contributed to a 3.1 percent fall in net asset value for the manager’s Diversified Income and Growth Trust in the past half-year.
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The trio of companies have all given their support to the auto start-up, with Third Point Re also providing reinsurance.
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All insurance has a social purpose but covers for lower income countries should probably be considered more impactful transaction than Florida coastal risk.
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Swiss funds active in ILS recorded stable or slightly increased allocations after 2017’s losses.
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The PK SBB scheme took a 4.5 percent gain from its ILS portfolio last year, as it and a number of peers reported slightly increased allocations to the sector.
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The reinsurance fund has ramped up in recent years to $700mn-$800mn.
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The fund’s net assets shrank by $4.4mn over the period.
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The fund’s ordinary shares added 0.85 percent during the month.
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The fair value of AP3's ILS portfolio rose by 10.7 percent to $560mn at year end in 2018.
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It is “probably one of the best times to invest” in ILS, according to Leadenhall Capital Partners CEO Luca Albertini.
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ILS investors were more frustrated by extended loss creep last year than by the overall hit, according to Michael Knecht of Siglo Capital Advisors.
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Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
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Shortfalls in retro capacity are not impacting all vehicles, said Tangency Capital co-founder Michael Jedraszak.
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Market participants have welcomed Lloyd’s plans to attract ILS capital but emphasised that cost reductions will be key to making them work.
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The New Mexico Educational Retirement Board pension fund invested in ILS via ILS Capital Management.
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Massachusetts Pension Reserves Investment Management (MassPRIM) appears to have lifted its allocations to ILS managers Aeolus and Markel Catco for 2019, despite taking losses in its first year of investing in 2018.
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The insurer kept its participation in the state reinsurance scheme stable at 45 percent.
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The New York-based asset manager received an increased level of requests for redemptions from investors in its Reinsurance Risk Premium Interval Fund this quarter.
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Third Point Re ended 2018 with a quarterly net loss of $298mn after suffering a net investment loss of $276.8mn.
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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.
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Most investors in Markel Catco are expected to take up an offer to redeem their shares, as the platform further increased its loss reserves for 2017 events and had its value written down to zero by parent company Markel.
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Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.
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Arguably the single biggest challenge to face reinsurers attempting to attract third-party ILS capital is nothing to do with engaging in fundraising, estimating monthly valuations, or any of the operational facets of asset management.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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Regulatory investigations can move at a snail’s pace.
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The new fund will invest 80 percent of its assets in ILS across various risks and regions.
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The legal action follows losses in share value resulting from regulatory probes into Markel Catco.
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The bond is the ILS market’s first terrorism cat bond since 2003.
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The size of the vehicle was not disclosed.
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Bernard Grzinic was promoted to oversee the ILS teams as well as credit and equity products.
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The reinsurer will write a line on any risk that Vermeer writes to ensure alignment of interest with PGGM.
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The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.
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PGGM is initially backing the rated reinsurer with $600mn to target remote US cat risk.
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The Leo Re vehicle was set up for the Dutch pension fund service provider PGGM, one of the largest institutional investors in ILS.
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This publication retraces the series of loss predictions made by the manager for its listed Reinsurance Opportunities Fund over the past year.
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Ordinary shares in the Markel Catco-managed fund slump more than 40 percent on news of the investigations and increased loss estimate.
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The firm’s 2017 portfolio loss has risen 15.7 percent to 57.1 percent.
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Apparently, some broking firms have recently been rolling out training to their younger staff on how to broke in a hard market – which is quite striking in itself, given that hard markets were meant to be a relic of the past.
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The Everest Re sidecar will have less capacity in 2019, the reinsurer has told brokers.
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The manager is aiming to sell its products to investors in the UK and French-speaking Europe.
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The firm paid out just over a third of redemption requests in November, indicating investors sought to redeem 15 percent of its share base, sources said.
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Neuberger Berman has a diverse base of investors in areas Cartesian Re's ILS platform has not drawn from.
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The Q3 income offset losses recorded in H1.
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The BBC pension scheme has returned to the ILS market for 2018 after pulling out several years ago.
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The fundraising takes the investment manager’s life ILS asset base to more than $2.5bn.
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The fund is one of a number of new mutuals to launch in the sector.
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The carrier said Typhoon Jebi and Hurricane Florence will account for most of the claims.
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Blue Capital Reinsurance Holdings expects $10.2mn of losses in Q3 resulting from Irma loss creep, Florence and Jebi.
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Reinsurers not doing business with the end investor are dealing with "fake ILS", the Hiscox Re & ILS COO said.
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The Eurekahedge ILS Advisers Index was up by 0.45 percent in August but this figure was below the 13-year average of 0.68 percent.
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The Pioneer ILS Interval Fund reached $982.5mn in net assets at the end of July this year, compared to $810.2mn at the end of April.
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The broker is launching the platform in New York to connect holders of long-tail insurance risk with capital market investors, sister publication The Insurance Insider has reported.
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The ILS market has quickly stabilised after last year’s catastrophe losses – but the fallout from Hurricane Irma has continued to push claims higher.
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The July return of the Eurekahedge ILS Advisers Index is similar to the 13-year historical average return for the month of 0.59 percent.
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Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue.
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C shareholders in the Catco Reinsurance Opportunities Fund, who are not exposed to the 2017 losses, saw a return of 6.31 percent for H1 2018 amid low catastrophic activity during the period.
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The pension fund’s ILS holdings reached $564mn at 31 December 2017, according to a Securities and Exchange Commission filing.
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The Bermuda-based company said a smaller capital base and greater cessions to third-party reinsurers led to the decrease.
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The carrier also signed up 50 percent more investors during the July renewal.
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Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.
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Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.
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ILS investors have shown that they’re not going to run from disaster losses.
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The retro manager said the ordinary shares in its London-listed Reinsurance Opportunities Fund had gained 0.5 percent in June, trailing the 1.1 percent return from its new share class launched for 2018.
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The fundraise comes as the firm is hiring to expand its ILS strategy.
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The cat bond fund had invested in loss-struck ILS deals in 2017.
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The asset manager is looking to hire an ILS portfolio manager.
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Leadenhall Capital Partners has won a mandate to invest £80mn ($106.8mn) for the North Yorkshire Pension Fund.
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Hatteras Funds, a North Carolina-based alternative asset manager, has launched the fifth new ILS strategy this year and joins a trend of more feeder funds being set up in the asset class.
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ILS investors lost 7 percent on average between 30 June last year and the end of April 2018, the Eurekahedge ILS Advisers index shows.
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There has been a $300mn growth for the London-based ILS manager since the start of the year alone.
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The rationale behind the investment is to reduce the fund's exposure to equities.
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Two executives, Edward Torres and Niraj Patel, are leaving the firm as it changes tack with its ILS business.
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The alternative investment specialist has set up a new interval fund to invest in quota shares and other reinsurance instruments.
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Sompo International’s chief financial officer Mike McGuire said the firm remained committed to its Blue Capital platform after deciding to put its London-listed fund into run-off this week.
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The Zurich based asset manager has grown assets under management by nearly 40 percent since January.
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ILS funds averaged a loss of 0.24 percent in March as 2017 events deteriorated.
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Two Swiss pension funds took losses of 8-9 percent from their ILS holdings following last year’s catastrophe events, but the losses have not put off new local funds entering the asset class.
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The London-listed Blue Capital Alternative Income Fund reported a 2.62 percent drop in net asset value (NAV) for the month of March, due to spiralling Hurricane Irma losses.
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Michigan lifts ILS; AP3 increases ILS
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First quarter returns from a group of ILS funds tracked by Trading Risk have improved year on year as the market gained ground after last year's losses.
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Scor Investment Partners' ILS assets under management reached $1.44bn at the end of February, putting it among the half dozen managers outside the industry's top 10 players with a scale of above $1bn.
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Stone Ridge was a leading supporter of some of the new sidecar vehicles that emerged at January's renewal, including Sussex Capital and deals from MS Amlin and Chaucer.
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UPC's Armor Re II cat bond has priced 17.7 percent below the midpoint of the initial spread guidance at 350 basis points (bps).
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Lane Financial's ILS rate-on-line index dropped by 9.5 percent in the first quarter, marking a softening to the initial rating spike that took place after last year's hurricane activity.
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Louisiana Citizens Property Insurance Corporation has launched a $100mn Pelican Re cat bond .
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Stone Ridge's two reinsurance funds combined total net assets increased by 10 percent to reach $6.72bn at 31 January, according to Securities and Exchange Commission (SEC) filings.
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Ontario Teachers' Pension Plan's ILS investments were at least C$300mn in 2017, as its net assets grew by 7.92 percent year on year to reach C$189.5bn ($150.72bn).
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Swiss Re has said Japanese internet and telecoms investor SoftBank is not expected to take more than a 10 percent stake in the carrier.
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Lloyd's managing agency Argenta has been given the go ahead to launch a special purpose arrangement (SPA) sponsored and capitalised by Hannover Re.
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Markel Catco's London-listed Reinsurance Opportunities Fund posted just a 0.35 percent gain to net asset value in February for its ordinary shareholders exposed to last year's losses, the company disclosed today.
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New York-listed insurer The Hanover has confirmed that it has hired Goldman Sachs to run a strategic review that could lead to the sale of its Lloyd's business, Chaucer.
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Swedish state pension fund AP3 reported that its ILS allocation increased by 56.3 percent in US dollar terms throughout 2017, rising to $505.8mn (4.14bn kronor) at year-end.
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Essent Group announced today that it has issued $424.4mn of mortgage insurance notes to protect its subsidiary Essent Guaranty.
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High initial loss estimates put out for Hurricane Maria by AIR Worldwide helped to fuel ILS fundraising that brought in more capital than would have otherwise entered the market, said panellists at an event hosted by sister publication The Insurance Insider last week.
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If ILS capital is designed to be the ultimate home for catastrophe risk, how far should asset managers look to hedge their investors' bets?
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Elementum joins SBAI; Gemini Re targets mid-year launch; Willis sets up resilience insurance facility
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The Teacher Retirement System of Texas held $300mn in ILS as of 31 August 2017, which represented 0.21 percent of its total portfolio, the pension fund confirmed.
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Twelve Capital is exposed to the liquidation of Danish motor insurer Alpha Insurance via a EUR20mn ($24.8mn) private debt transaction issued in 2014.
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Nationwide Mutual and Heritage Insurance Holdings each expect to recover more than $100mn from cat bonds, Trading Risk reported this month.
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ILS asset manager Gemini Re has launched in Florida with $500mn of capacity, which will be used to target US risk, the company has confirmed.
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Insurtech start-up Extraordinary Re has announced that it will be using technology from exchange operator Nasdaq to run its new ILS trading platform.
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Dutch pension fund PFZW has reported that the value of its ILS portfolio fell by 13.3 percent year-on-year to EUR3.84bn at year-end 2017, but currency hedging losses outweighed the impact of catastrophe claims.
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Sompo International has set up a $62mn sidecar, Blue Lotus Re, to provide cover supporting its global catastrophe reinsurance portfolio in 2018
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The North Yorkshire County Council Pension Fund is looking for an ILS manager to manage between £110mn-£165mn ($153mn - $230mn) of its total assets.
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The Catco Reinsurance Opportunities Fund made a worse-than-forecast 27.6 percent loss for investors in 2017 after its fund manager significantly added to its wildfire reserves in December.
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Leadenhall Capital Partners is representing some of the key backers of Australian start-up life insurer Integrity Group, which has raised more than $165mn to support its launch
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XL Catlin has reshuffled several roles after forming a partnership with private investment firm Gallatin Point Capital LLC in a bid to expand its alternative capital capabilities
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Luca Tres, head of life at Securis, says the life ILS sector needs to steer clear of leveraged asset plays, which could fail if the wider markets collapse
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A smooth reloading of ILS capital and a glut of capacity contributed to catastrophe reinsurance rates rising by less than reinsurers had pushed for following last year's losses, brokers said in early post-renewals reports
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The momentum for retro rate increases at the January renewals slowed at the end of last year, sources said, as lack of new demand and a smooth reload of lost capital meant increases fell short of expectations
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There was a fresh surge of reinsurer sidecar launches during the January renewals, in a signal that further carriers are belatedly recognising the value of managing third-party capital
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There was a fresh surge of reinsurer sidecar launches during the January renewals, in a signal that further carriers are belatedly recognising the value of managing third-party capital
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A group of sidecars tracked by Trading Risk took losses of 13.0 percent on average between July and October as the fallout from hurricanes Harvey, Irma and Maria took its toll
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Sequant Re; First Republic; Private equity buy-up; PGGM's Leo expansion
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There was a wide spread of returns among cat bond fund managers in 2017, with a small average loss of 0.44 percent recorded for the year
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Nephila Capital's equity investment in new managing general agency (MGA) Volante Global will not see its ILS funds taking on any underwriting risk sourced by the start-up, but the catastrophe specialist has not ruled this out in the future
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The recent launch of Lumen Re means the top three ILS fund managers now have in-house access to rated paper, highlighting the continuing convergence of the ILS and reinsurance markets
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The market's leading ILS managers grew their assets under management (AuM) by almost 10 percent in the second half of 2017, highlighting the ease of the post-loss reload
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Argo has let the senior tranches of its 2013 Loma Re cat bond mature, as it continues to imply in its latest loss report that the riskiest layer of the deal will take at least a $19.5mn loss, sources said
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Private wealth advisory firm First Republic Securities has set up and raised $77.7mn for a new reinsurance fund, according to US SEC filings
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Munich Re has raised a second round of capital for the 2018 incarnation of its Eden Re sidecar, taking its total size to $300mn - down from $360mn last year.
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Stone Ridge's two reinsurance funds reported losses of 4.85 percent and 9.00 percent respectively in its financial year ending 31 October 2017, according to the manager's latest annual report
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Run-off specialist Armour has been bought by private equity house Aquiline, sister publication The Insurance Insider has reported
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Lloyd's insurer Neon confirmed the launch of its new UK-based sidecar, NCM Re, as it raised $72mn of capital to establish the vehicle - up from a previously reported $60mn target
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Pioneer's ILS Interval Fund reported a loss of 4.95 percent for the year ended 31 October, as its sidecar investments took losses of between 2 and 25 percent following 2017 catastrophe events.
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The Leo Re vehicle set up for Dutch pension fund service provider PGGM last year has issued a further $260mn of securitised notes, according to a Bermuda Stock Exchange listing
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Leadenhall-backed Gryphon Group Holdings is to take on the Guardian brand name for its start-up which plans to take a technology-focused approach to providing life insurance products
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XL Catlin has formed a partnership with private investment firm Gallatin Point Capital LLC as part of a move to expand its alternative capital capabilities, Trading Risk understands
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Florida carrier United Insurance Holdings (UPC Insurance) said its $150mn public debt offering which closed yesterday would enable the company to participate in future opportunities
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Covea Group's EUR90.0mn ($106.8mn) maiden Hexagon Re cat bond has settled below the lower end of the initial price target range, according to sources
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Chaucer has appointed Jerome Faure as an independent non-executive director of Chaucer Syndicates, its managing agency and main operating company
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Markel Catco has raised $3.37mn by issuing new shares in its Reinsurance Opportunities Fund, according to a London Stock Exchange announcement.
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Several new ILS vehicles are in the works for 2018, marking a resurgence of interest in managing third-party capital from Lloyd's carriers that have been late to the game in setting up such platforms
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Twelve in Frankfurt; Credit Suisse vehicles; ILS returns...
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Canadian institutional investors strengthened their ties with the reinsurance sector in Q4, with CPPIB funding a Bermuda-based reinsurance platform for Ascot and CDPQ investing $400mn in Hyperion
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This year marked the 25th anniversary of Hurricane Andrew, a storm that would cost reinsurers $56bn if it recurred today, according to modelling company AIR Worldwide
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Smart beta products seem to be the flavour of the month
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Brazilian investment bank BTG Pactual has made a return to the reinsurance market by providing capacity to Bermudian ILS start-up Lutece Re, Trading Risk can reveal
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The $75mn class D layer of Nationwide Mutual's Caelus Re V cat bond has triggered and is expected to be a significant loss after the insurer recorded major wildfire claims, according to sources
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Markel Catco has said it will raise gross proceeds of $543mn by issuing new shares in its London-listed Catco Reinsurance Opportunities Fund.
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Lloyd's insurer Brit has announced the launch of a new specialty (re)insurance platform, Scion Underwriting Managers, which intends to write business on behalf of third party capital providers as well as Brit and other markets
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The Canada Pension Plan Investment Board (CPPIB) added RenaissanceRe to its list of reinsurance managers in 2017 as it continued to expand its holdings in the sector.
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The London-listed Blue Capital Alternative Income Fund said it expects its median return for 2018 to be around 15 percent, with a return of 10 percent for a mean loss scenario.
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The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has allocated $250mn to the reinsurance sector, split between two managers, Aeolus and Markel Catco.
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The managers of start-up ILS fund Lutece Re said they had raised a "significant amount" of committed capital to begin underwriting at the 1 January renewals
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Markel Catco's October return was up 2.2 percent during the past month, according to a London Stock Exchange Listing.
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Erik Manning's start-up ILS fund Lutèce Re has raised capital to begin underwriting retro business during the 1 January renewals, Trading Risk understands
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Former Hiscox Re executive Michael Jedraszak and ex-RenaissanceRe portfolio manager Kai Morgenstern have co-founded a new business, Tangency Capital, together with Dominik Hagedorn
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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures
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Investors waiting to move into the ILS sector could seize their chance in the post-loss environment, but speakers at this year's Trading Risk New York Rendez-Vous questioned whether the price reaction to 2017 catastrophes would be enough to draw in more opportunistic actors
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There has been a mixed reaction to third quarter catastrophe losses from Korean investors who invested in ILS for the first time this year, an analyst from South Korea's leading securities firm told Trading Risk
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Credit Suisse US plan; Catco to raise $250mn; BlackRock targets cat bonds
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Returns from a group of cat bond funds tracked by Trading Risk produced an average 3.96 percent loss in the third quarter, plunging from the Q3 2016 figure of up 2.0 percent
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The California wildfires have prompted write-downs to aggregate cat bonds covering USAA and Nationwide, although the former has revised down year-to-date catastrophe loss estimates that had suggested a payout under one of its Residential Re deals, Trading Risk understands
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Brokers are pressuring ILS managers to stump up capital well ahead of the 1 January reinsurance renewal date following the string of third quarter catastrophe events, according to sources
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The 2017 catastrophe events have highlighted the extent to which ILS managers are benefiting from industry loss warranty (ILW) hedging, but market sources have questioned where the losses will ultimately fall as more clarity is gained over HIM claims in months to come
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Collateralised reinsurance fund strategies took losses of 10-20 percent in September, Trading Risk understands
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Reinsurance pricing seems to rely on a certain amount of collective signalling in as much as it does number-crunching - as underwriters gauge how far they can push rates without losing business, by looking for fear in the eyes of their opposition
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New York-listed Blue Capital Reinsurance Holdings has reported that it expects 14 percent of its projected 1 January 2018 shareholders' equity to be locked up as a result of third quarter catastrophes
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There will be significant volumes of ILS capital trapped at year-end, particularly in the retro segment, but out of this challenge the reinsurance market is looking for opportunities to spin out new products
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Prudential and affiliated companies under the M&G brand have lowered their stake in Markel Catco's London-listed Reinsurance Opportunities fund, according to a stock exchange announcement.
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Barbican is planning to raise £160mn ($209mn) of capital to fund a collateralised reinsurance vehicle that provides stop-loss retro cover to Lloyd's syndicates
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The Oregon Public Employees Retirement Fund (OPERF) reported that its holdings in two Nephila funds had increased by 0.8 percent in the first half of 2017 to reach $146.2mn at 30 June 2017.
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Alleghany took a $9.4mn loss in the third quarter from its share in results managed by Bermudian ILS manager Pillar Capital, down from a $5.9mn profit a year earlier
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Swiss Re said it would proceed with a CHF1.0bn ($1bn) share buyback programme after taking $4.0bn of catastrophe claims in the first nine months of 2017
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Nephila Capital has provided $500mn of risk capacity to a new advisory firm, Resilience Economics, that will pitch climate risk transfer solutions to prominent institutions and governments
-
Florida carrier United Insurance Holdings (UPC Insurance) has amended regulatory filings to lift the amount of capital it could raise through ad-hoc equity or debt issuances to $250mn
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RenaissanceRe raised $248.6mn of fresh equity for its DaVinci Re sidecar as of 1 October, after investors in the vehicle took a $255.5mn loss in the third quarter
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BlackRock has added catastrophe bonds to the list of investment targets for a new opportunistic fixed income fund it is launch
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Validus recorded a $74.1mn loss attributable to AlphaCat investors in the third quarter, as the (re)insurer's asset management platform reserved for $574mn of net losses for the period
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Credit Suisse and Bermudian run-off specialist Armour Group have raised more than $270mn for a second series of their joint venture legacy ILS fund, regulatory filings show
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Australia's Future Fund increased the target size of its alternative risk premia strategy, which includes reinsurance investments, to 15 percent of its total alternative asset allocation in the 2016-2017 financial year.
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Reinsurers will become less appealing to investors if the sector does not earn back some of its 2017 losses through higher rates, according to Munich Re CEO Joachim Wenning.
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Swiss Re's cat bonds, which total $335mn, are likely to contribute to the group's third quarter losses, according to Jeffries Equity Analysts.
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JLT Re North America CEO Ed Hochberg has said the scale of insured losses from Hurricane Maria could result in ILS investors changing their view of risk and return.
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The prospect of modest reinsurance rate increases after the 2017 hurricanes may be enough to keep ILS investors who had been reconsidering their allocation to the sector involved, according to Todor Todorov, head of ILS research at Willis Towers Watson.
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Entropics reported a 5.53 percent decrease in returns for its institutional Cat Bond Fund - Class (I) in September, down from a positive return of 0.56 percent in August.
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Soft market conditions may have set the scene for longer potential collateral lock-ups after hurricanes Harvey, Irma and Maria, but early negotiations on settlements are still likely, market observers said
-
Asian countries have expressed interest in establishing a multinational risk pool to protect against natural disasters, according to RMS research commissioned by the UK government.
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Global Parametrics is poised to conclude its first transaction - a $10mn risk transfer deal benefiting Vision Fund International, an NGO microfinance provider in the developing world
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Reinsurance rates may shift at 1 January if a reasonable percentage of the ILS industry's $80bn capital is trapped, according to Rob Procter, CEO of Securis Investment Partners
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CRC facility launch; QBE exhausts agg; HSCM partnerships...
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Departing Willis Re global CEO John Cavanagh has linked up with ex-Ariel CEO Tom Milligan at start-up Beat Capital, which will provide funding for MGA launches, sister publication The Insurance Insider reported
-
The roughly $5bn-$6bn industry loss warranty (ILW) market is expected to be heavily impacted by the series of 2017 hurricane losses
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Hurricane Maria has compounded fears about how much retro capital could be lost or trapped ahead of the 1 January renewal, when much of the roughly $15bn-$25bn market limit renews
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ILS fund returns were down 0.34 percent on average in August, according to the Eurekahedge ILS Advisers Index.
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Hudson Structured Capital Management has invested $20.1mn in a run-off transaction linked to workers’ compensation liabilities, the fund manager announced
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Oppenheimer's Master Event-Linked Bond Fund reported a 1.76 percent gain over the six months to 31 March 2017, compared to a 1.83 percent gain on the Swiss Re cat bond return index over the same period.
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The percentage of European pension plans with an ILS allocation has increased from one percent to two percent in the past year, according to Mercer’s latest European Asset Allocation Survey.
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RenaissanceRe has raised $45mn from a private Fibonacci Re 2017-1 cat bond, according to a listing on the Bermuda Stock Exchange
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AlphaCat has hired Bernard Van der Stichele as portfolio manager, reporting to CEO Lixin Zeng
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Average ILS fund returns came to 0.15 percent in April, down significantly year-on-year, as US storm losses during the month had a "slight impact" on some funds.
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The Royal Bank of Scotland (RBS) pension fund lifted its insurance allocation significantly during 2016 to reach £1bn ($1.23bn) by year-end.
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A Trading Risk study of reinsurance cessions from the state's 10 largest residential insurers showed Nephila Capital's scaled back participation in the Florida reinsurance renewals last year
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The New York Metropolitan Transportation Authority (MTA)'s MetroCat Re 2017-1 cat bond has settled on target at $125mn, according to Trading Risk sources
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The newly established City National Rochdale Select Strategies fund is now expecting to invest 80 percent of its assets via Iris Re, according to a US Securities and Exchange Commission listing.
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The ILS sector is continuing to attract new investors with recent cat bond fund launches from two asset managers, Trading Risk revealed last week.
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Markel Catco is launching a capital raise in order to invest further funds in the mid-year reinsurance renewals, according to a London Stock Exchange announcement
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Heritage has secured a further $35mn of coverage via a private cat bond - Citrus Re 2017-2, according to a Bermuda Stock Exchange (BSX) listing.
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AP2's ILS pot shrinks; ILS funds post 0.23% March return; MGA Ventus partners with ILS firms
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A table of ILS fund returns for the first quarter of 2017 printed in last month's edition of Trading Risk displayed incorrect information for three Axa funds.
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Hudson Structured Capital Management and Twelve Capital were the lead investors in a $45.5mn debt issuance from legacy carrier Catalina General Insurance.
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Hannover Re Q1; UPC hit by costs; FedNat profits fall 67%; Securis SPA; London innovation; Munich Re results...
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The California Earthquake Authority (CEA) is set to close its Ursa Re 2017-1 cat bond above target at $925mn, according to sources
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First quarter returns from a number of ILS funds investing in private reinsurance instruments have come in significantly below gains delivered in the same period last year, in what is likely a reflection of elevated catastrophe activity in Australia
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Alleghany earned $3.4mn during the first quarter from its stake in funds managed by Pillar Capital Management, up 9.7 percent from $3.1mn in the same period a year earlier
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Net income for DaVinci Re has dropped by 27 percent year-on-year to $41.21mn for the first quarter, after lower investment gains impacted the result
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April was one of the busiest months in the cat bond market's history, with $3.08bn of new issuance market
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Managing general agency (MGA) Ventus Risk Management has signed up a top five ILS manager to provide it with capacity for its portfolio of small-to-medium-size enterprise commercial US insurance business
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Nationwide Mutual Insurance Company has increased the target size of its new Caelus Re V 2017-1 cat bond by 25 percent to $375mn, according to sources
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The target insurance spread on the new Everglades Re cat bond for Florida Citizens Property Insurance has narrowed to the lower end of initial forecasts, according to sources
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The California Earthquake Authority (CEA) is seeking $500mn of reinsurance from a new Ursa Re 2017-1 cat bond, according to sources
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The ILS market has been "firing on all cylinders" in early 2017 and could be in for a record year for issuance volumes, Willis Towers Watson Securities said in its latest ILS market report
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The Integrity Re cat bond for Florida insurer American Integrity Insurance Company is expected to upsize slightly from an initial target of $178mn to $210mn, according to sources
-
The first quarter of 2017 produced a record volume of ILS issuance for an opening quarter, as competitive pricing drew sponsors to the market
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One often-cited statistic in debates about the convergence market is that just a 1 percent allocation from global institutional investors could send billions more capital than the size of the current overall reinsurance market surging into the sector
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High volumes of new deals kick-started further activity in the secondary cat bond market and gave yields a small boost in the first quarter, but 2017 ILS returns remain well below last year's levels
-
Twelve Capital has temporarily stopped accepting new investments into the Twelve-Falcon Insurance-Linked Strategy Fund, according to its latest monthly report.
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The Pioneer ILS Interval Fund increased its net assets by 51 percent to $244.8mn during the quarter ended 31 January, according to a US Securities and Exchange Commission filing.
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Stone Ridge posted almost 9 percent growth in its ILS assets under management in the three months to 31 January, recording total assets of $5.49bn in its two reinsurance funds at that point.
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State Farm has renewed its $300mn Merna Re cat bond in a club transaction, Trading Risk understands
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The London-listed Blue Capital Global Reinsurance fund posted an increase of $3.6mn in net assets throughout 2016 to reach $226.9mn, according to its annual report
-
The $200mn Leo Re vehicle set up for Dutch pension fund service provider PGGM this year was linked to an underwriting investment with Munich Re, sources said
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Louisiana Citizens Property Insurance Corporation has dropped the target spread on its new Pelican Re cat bond by 17 percent, Trading Risk understands
-
Average ILS fund returns reached 0.32 percent in February, according to the Eurekahedge ILS Advisers Index, after events in the month had little impact on the sector
-
Everest Re ceded $160mn of written premiums to its Mt Logan Re vehicle last year, which was down 23 percent on the $209mn ceded in 2015, according to a US Securities and Exchange Commission filing
-
Blue Capital Global Reinsurance said it would pay investors the first $13.1mn of a planned $22.4mn share redemption by 30 April.
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Aberdeen ups Blue Capital stake; Korean ILS interest; Plenum fund grows; ILS returns
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The Gaia cat bond fund is one of two managed by Schroders to be soft-closed to new investment this month, according to reports.
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The World Bank is set to complete a risk transfer later this year as part of its Pandemic Emergency Financing Facility (PEF), according to Michael Bennett, head of derivatives and structured finance at the organisation
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American Strategic Insurance has received its first payout from the Gator Re cat bond to help meet storm losses incurred last year, despite some investors suggesting that certain claims should not be covered by the transaction, Trading Risk understands.
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Munich Re said it had widened the investor base of its Eden Re II sidecar for 2017, as it released full-year 2016 results that showed a 55 percent drop in operating profits from its core reinsurance division
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Lottery company MyLotto24 said its 2017 earnings would take a EUR15mn hit due to a jackpot payout that fell within its insurance retentions
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The Korea Post is looking to allocate to the ILS sector by the second quarter of this year, according to its website
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Aberdeen Asset Management has lifted its stake in the Blue Capital Global Reinsurance fund significantly with the acquisition of almost 2 million shares, taking its stake in the fund above 5 percent.
-
Markel-owned Catco Reinsurance Opportunities Fund has shuffled its non-executive directors, with chairman Nigel Barton moving to become chairman of a different investment vehicle, the Markel Catco Reinsurance Fund
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The Gaia cat bond fund is one of two managed by Schroders to be soft-closed to new investment this month, according to reports
-
Aspen Capital Markets said that it expanded its Peregrine vehicle for 2017 as well as increasing the size of its Silverton Re sidecar, as previously announced
-
RenaissanceRe posted a 5 percent increase in fees and profit commissions from third-party investors in its property reinsurance portfolios last year.
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A South Korean pension fund is considering significantly expanding its allocation to the ILS sector, according to local media reports
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Investors in the Gator Re cat bond are now expecting to lose $17mn-$18mn of their $200mn capital, a minor improvement from the previous $20mn anticipated loss, sources said.
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Omers backs Allied bid; Blue Capital gains; Catco losses; Pioneer fund; XL's New Ocean gain; Harrington fee boost; Mt Logan fee income drops...
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PGGM ups ILS investment; IBI launch; 2016 returns lag...
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Legacy insurer Darag has started work on a second deal through its cell platform as it looks to bring alternative capital to the run-off market, after completing its first such transaction last year
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Aetna cleared its latest Vitality Re health insurance bond at a new low in the past month as investors awaited more news on what broker-dealers said was a good pipeline of upcoming deals
-
City National Rochdale has rebranded its new reinsurance interval fund and disclosed that it will invest its assets via Bermudian manager Iris Re.
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Everest Re posted $11mn of earnings and fee income from its Mt Logan Re vehicle last year, down from $28mn in 2015 as a result of catastrophe losses and lower incentive fees, the company's chief financial officer disclosed on an earnings call.
-
Swiss family office and ILS investor PG3 has recruited former Secquaero structuring manager Tibor Winkler as an ILS portfolio manager
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RenaissanceRe grew its Upsilon funds platform by a net $92.3mn in January, it disclosed in fourth quarter results that included $60.1mn of losses from Hurricane Matthew
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The Ontario Municipal Employees Retirement System (Omers) will take a 21 percent stake in Allied World after agreeing to put $1bn towards Fairfax Financial's acquisition of the insurer
-
Average ILS fund returns totalled 5.18 percent for 2016, according to the Eurekahedge ILS Advisers Index
-
Markel Catco said that claims from last year's Hurricane Matthew and the Kaikoura, New Zealand earthquake had each taken 1 percentage point off its returns for 2016
-
The insurance-linked premiums on Aetna's latest Vitality Re health insurance bond have settled at the lowest end of the target range, Trading Risk understands
-
Tel Aviv-based asset manager IBI Investment House has joined with former Twelve Capital executive Roman Muraviev to launch IBI ILS Partners.
-
JP Morgan has shut down its ILS trading desk after citing concerns over value in the sector, Trading Risk revealed late last month.
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Returns from a group of cat bond funds tracked by Trading Risk almost doubled last year from their performance in 2015, as softening spreads bolstered values. Higher-risk deals over the past couple of years have also boosted returns available to investors.
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AlphaCat Managers said it had received the first third-party investments in its BetaCat cat bond tracker fund in the past quarter, as its overall assets under management rose to $2.7bn as of 1 January 2017.
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Arch Capital and private equity firm Kelso & Co have backed the $510mn launch of a new legacy reinsurer, Premia Re
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Munich Re has listed a second tranche of Eden Re II sidecar notes, keeping the vehicle's total size stable at $360mn, Bermuda Stock Exchange (BSX) announcements show.
-
Canadian pension fund giant the Ontario Municipal Employees Retirement System (Omers) is in talks with Fairfax Financial to help fund the latter's takeover of Allied World, according to Bloomberg
-
Elliott Management has closed its previously announced acquisition of a controlling interest in ILS manager Aeolus, the companies announced.
-
American Strategic Insurance (ASI) has issued an extension notice for the Gator Re cat bond that indicates it will retain up to $35mn or 17.5 percent of the bond's $200mn principal, Trading Risk understands
-
RenaissanceRe said it had formed the $140mn Fibonacci Re vehicle, which was set up in Bermuda in late December, to provide it with extra property catastrophe capacity.
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Stone Ridge Asset Management secured $2bn of capital commitments for its new post-event reinsurance fund throughout 2016, according to the company's latest annual report.
-
Leo Re, a new $200mn reinsurance vehicle, has been set up ahead of the 1 January renewals, although the sponsor is as yet unknown
-
Oppenheimer ILS fund gains; PGGM eyeing ILS expansion; Blue Capital weather fund
-
The trend of ILS managers investing in (re)insurance debt could be set to accelerate after two Florida companies raised capital from the sector in recent weeks.
-
French asset manager Amundi has agreed to acquire Pioneer Investments from UniCredit in a EUR3.55bn ($3.74bn) cash deal, the companies announced this morning
-
Apollo-backed life and annuities reinsurer Athene Holding is set to raise $1.08bn from its New York initial public offering (IPO) after pricing shares in the middle of a previously announced range
-
Another start-up has joined the ranks of carriers targeting the fronting market for US primary business, which will be led by former Third Point Re executives Tony Urban and Shane Haverstick
-
AM Best has given a B++ rating to Somerset Re, a new Bermuda-based life and annuity reinsurer partly backed by high net worth investors and private equity firm Atlas Merchant Re
-
United Insurance Holdings (UIHC) has agreed to a five-year restrictive covenant that will prohibit it from investing or acquiring managing general agencies (MGAs) as part of its deal to purchase American Coastal
-
Average ILS fund returns reached 0.42 percent in October, according to the Eurekahedge ILS Advisers Index, after Hurricane Matthew had a small impact on several funds that invest in private reinsurance instruments
-
The New Zealand Super Fund maintained its reinsurance allocation at about $200mn in 2016, according to its annual report
-
The London-listed Blue Capital Global Reinsurance fund recorded a 0.2 percent drop in net asset value over October, as it took $6.8mn of losses that were primarily linked to Hurricane Matthew
-
The $49bn Pennsylvania Public School Employees' Retirement System (PSERS) pension fund selected RenaissanceRe as its third ILS manager in the 2015-2016 financial year, according to its annual report.
-
Bermudian Class 3 insurer Iris Reinsurance is to publicly report its net asset value (NAV) on a monthly basis, the company announced.
-
Future Fund prepares for reinsurance scale; Leadenhall targets US investors; PSERS returns
-
Third quarter returns from a group of ILS funds tracked by Trading Risk were stable year-on-year.
-
Indicative reinsurer sidecar returns for 2016 have dropped into the single-digit range, highlighting the impact of catastrophe losses recorded earlier this year
-
Hedge fund manager Elliott Management Corporation plans to hold onto its investment in Aeolus Capital Management "for a long time", the Bermudian ILS manager's founder Peter Appel told Trading Risk.
-
Australia's Future Fund confirmed that it had added a second manager to its reinsurance portfolio, saying this gave it the potential to increase its exposure in the future
-
Average ILS returns reached 1.03 percent in September on the Eurekahedge ILS Advisers Index, in the strongest monthly performance in the past two years
-
Nephila Capital is set to become the cornerstone capital provider for a start-up Lloyd's syndicate led by former Cathedral Capital CEO Peter Scales, Trading Risk can report
-
Arch has hired Scott Maries to work on its run-off vehicle, our sister publication The Insurance Insider has learned
-
Bermudian (re)insurer Endurance has been sold to Sompo for $6.3bn, it was announced today
-
Stone Ridge Asset Management's three reinsurance funds grew 4 percent in its last quarterly reporting period to reach $4.95bn by the end of July, up from the $4.76bn recorded at the end of April
-
Currency boosts RBS in ILS; Stone Ridge looks to Lloyd's; ILS Advisers gain
-
Canadian asset manager Crosswinds has founded a specialty reinsurance company named Crosswinds Re to add to its involvement in the Florida (re)insurance market.
-
Reinsurance buyers could have more success in lowering rates by opening up all layers of a programme to ILS capital, rather than just trying to push minimum cat bond rates down at the top end of programmes
-
Specialist investors continue to dominate the ILS landscape but hedge funds have increased their participation after buying new issuance in the past year in response to higher-yielding deals on offer, Aon Securities said in its annual review of the sector.
-
Markel Catco said August returns for the Catco Reinsurance Opportunities Fund would be impacted by a loss from the Jubilee oil field event totalling a 3.5 percent hit to net asset value (NAV).
-
Allianz Risk Transfer is expected to close its Market Re parametric weather bond at $30mn, below a $70mn initial target, and has shortened the duration of the deal in response to investor concerns, Trading Risk understands
-
The pension fund for South Korean public officials is looking to make an investment in cat bonds, according to local media.
-
Hudson Structured settles brand dispute; Future Fund expands ILS brief; Stone Ridge consolidates
-
Vario Partners has brought in a large Middle Eastern reinsurer as a minority shareholder as it prepares to launch its first fund to invest in whole-account insurance securities, the company told Trading Risk.
-
Axa Liabilities Managers is planning to launch a second series of its legacy fund after fully deploying its first such vehicle, sources told Trading Risk.
-
The cat bond portfolio managed by Swedish state pension fund AP3 shrank by 25 percent from 2.7bn krona ($319mn) at the end of 2015 to 2.1bn krona ($240mn) at 30 June, according to the fund's latest half-year report
-
ILS fund returns averaged 0.40 percent in July as managers escaped losses from storms and flooding during the month, according to the Eurekahedge ILS Advisers Index
-
Stone Ridge Asset Management plans to seek approval from its board of trustees to amalgamate its Reinsurance Risk Premium Fund into the High Yield Reinsurance Risk Premium Fund, according to a US SEC filing
-
Swedish state pension fund AP2 said its alternative investments generated a return of 5.5 percent for the first half of 2016, outstripping the fund's performance as a whole.
-
Schroders has significantly increased its stake in Blue Capital Global Reinsurance, according to a London Stock Exchange filing.
-
Exchange Re became the first ILS platform to launch in Malta after receiving approval this week from the local authorities
-
State National has revealed it earned $5.5mn in ceding fees by fronting for Nephila in the first half of 2016, up from $5.2mn for the same period of last year
-
Alleghany earned $3.9mn during the second quarter from its stake in funds managed by Pillar Capital Management, up from $1.0mn in the same period of last year
-
Australian sovereign wealth fund the Future Fund has added Kiskadee Investment Managers to its line-up of reinsurance managers, according to its website
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Mt Logan's overall assets under management remained flat in the second quarter as the vehicle took an undisclosed sum of cat losses for the period
-
AlphaCat's second quarter income dropped by over a third year-on-year to $4.4mn as investors in Validus' third party capital platform took $11.96mn of cat losses in the period
-
Twelve Capital has completed its third Dodeka cat bond lite for July, the $21.27mn Dodeka X issuance
-
Remote risk insurance-linked investment (ILI) strategies are likely to be more insulated from competition in the reinsurance sector, Willis Towers Watson said in its latest annual Global Alternatives Survey.
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There is "unshakeable sentiment" that reinsurers and ILS investors will take significant cat losses this hurricane season, according to Willis Capital Markets & Advisory (WCMA)'s ILS head Bill Dubinsky
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Stone Ridge Asset Management reinvested a total of $172mn in various 2016 Sector Re issuances in April, up from $157.4mn pledged to the Swiss Re vehicle in 2015.
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Reinsurer sidecars delivered average increases in fair value of 1.95 percent for the three months from February to April, down from a 2.5 percent average return posted in the same period last year, according to Trading Risk calculations.
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Greater transparency in the ILS industry would benefit cedants as well as investors, according to Eveline Takken-Somers, investment director at PGGM.
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Brexit market volatility could give a minor boost of $1bn-$2bn to investor inflows into the ILS market, Fermat Capital Management co-founder John Seo said.
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Lloyd's has produced the highest average returns for catastrophe insurance investors since 2002, but the cat bond market has delivered better risk-adjusted performance, Lane Financial found in its Q2 report.
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Schroders lifted its share in Zurich-based ILS manager Secquaero Advisors to a majority 50.1 percent earlier this year after buying up an additional 20.1 percent of equity.
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Second quarter returns from a group of ILS funds tracked by Trading Risk were up year-on-year, despite the impact of catastrophe losses that have affected some private reinsurance strategies.
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Assets under management (AuM) at the top 10 ILS funds grew by 7.7 percent in the half-year to 1 July, as growth accelerated from late 2015.
-
Brexit market volatility could increase investor interest in the ILS sector but the results are not expected to be meaningful, various market participants agreed
-
Gator Re regained some value on the secondary market during trading in late June and early July, according to Finra Trace data
-
Mitsui Sumitomo Insurance is offering to issue cat bond protection on behalf of Japanese corporates, the Nikkei Asian Review reported
-
Stone Ridge Asset Management expanded the net asset base of its three reinsurance funds by 7 percent in the past quarter to $4.76bn, as it lifted its stake in Swiss Re sidecar Sector Re
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The Pioneer ILS Interval Fund delivered a 6.01 percent gain in net asset value during the six months to 30 April, as the fund reached $110.95mn.
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Scott Maries has left Enstar and will join Validus, Trading Risk can reveal
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Expected 2016 returns from the Blue Capital Global Reinsurance Fund have dropped to between 5 to 9 percent, down from the 7 to 12 percent guidance range given in the first quarter, as a result of catastrophe events in the US, Japan and Canada
-
Nephila Capital is preparing to expand into multi-peril US homeowners' insurance as it broadens its primary market strategy through new platform Velocity Risk Underwriters
-
Paul Schultz, CEO of Aon Securities, was named the Outstanding Contributor of the Year at the 2016 Trading Risk awards in London last night (16 June)
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The ILS market's future growth is likely to be spurred largely by collateralised reinsurance, according to Michael Stahel, partner and portfolio manager at LGT ILS Partners
-
Investing in the ILS industry remains relatively expensive for pension funds, which would like to see more transparency from the sector, according to PGGM investment director Eveline Takken-Somers
-
The secondary cat bond market cleared the first Gator Re trade in two months this week, as the bond's price tumbled in response to aggregate claims rising near its trigger
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Take up of leveraging facilities for ILS investors continues to be limited, as higher Libor rates have made borrowing more expensive at a time when cat bond spreads are low, sources said
-
Oppenheimer's Master Event-Linked Bond Fund reported an 0.79 percent gain over the six months to 31 March 2016, as its performance was impacted by the partial loss on the MultiCat Mexico cat bond
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A $6mn investment in the Bellemeade Re mortgage insurance securitisation was the only ILS instrument held by the Blackstone Alternative Investment Funds as at 31 March 2016, according to annual report filings
-
Nephila Capital reopened its funds to accept a limited amount of capital this year after closing its doors for more than two years, according to co-founder and managing partner Greg Hagood
-
Institutional investors would welcome new sources of insurance risk to help them build better portfolios, according to Todor Todorov, investment consultant, hedge funds research at Willis Towers Watson
-
The second quarter marked a return to significant spread softening on new cat bond issuances for the first time since early 2014, as investor demand continued to outweigh new supply arriving on the market
-
Allianz Risk Transfer lifted the target on its Blue Halo Re cat bond to $185mn from $150mn, as pricing on the high-risk transaction moved toward the upper end of forecasts, Trading Risk understands
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The $200mn Gator Re cat bond is almost 70 percent of the way to reaching its $175mn trigger point, partway through its final annual risk period, sources told Trading Risk
-
Nephila Capital pared back the level of capacity it deployed in the Florida reinsurance market this year, helping to limit rate reductions after several years of significant declines
-
The average ILS fund return came to 0.39 percent in April as the month's catastrophe events had only a limited effect on the market, according to the Eurekahedge ILS Advisers Index
-
The spectre of interest rate hikes is a reason why the ILS asset class remains attractive for investors, said BMO Global Asset Management's chief investment officer Jitzes Noorman.
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A shift by regulators to require more diversification in Ucits mutual funds is "very sensible", given the illiquidity that could arise after a catastrophe event, Credit Suisse's head of ILS Niklaus Hilti said in the latest Clearpath ILS report.
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United P&C has launched its first cat bond offering through the $100mn Laetere Re issuance, Trading Risk understands
-
Alloy Re, the total return reinsurance start-up backed by XL Catlin and alternative fund manager Oaktree, has been axed after sums raised for the venture fell short of targets.
-
Risk-adjusted cat bond spreads have dipped below 2015 yields for the first time this year, according to RMS data.
-
Cat bond prices continued to edge upwards in May, amid intense buyer demand when there was very little for sale.
-
Apollo-backed Athene Holding is preparing for a public flotation and has filed a registration statement with the US Securities and Exchange Commission
-
Leadenhall Capital Partners has added two new operational staff to its team, as its assets under management have grown 16 percent from the start of the year to reach $2.8bn.
-
Alleghany earned $3.1mn during the first quarter from its stake in funds managed by Pillar Capital Management, down from $6.6mn in the same period a year earlier
-
Markel reported a small quarterly loss in its investment management segment in the first quarter, following its acquisition of Bermudian fund manager Catco last year.
-
Validus subsidiary AlphaCat returned $146.5mn of capital to investors in its sidecar during the first quarter as it focused on writing third-party business primarily through its two reinsurance funds
-
USAA's latest Residential Re cat bond has upsized by two thirds and is set to close at $250mn, with anticipated pricing on the deal at the lowest end of the revised target range, Trading Risk understands.
-
Everest Re sidecar Mt Logan's assets under management (AuM) have gone past $900mn in an increase of 33 percent from the first quarter of last year, the carrier's CEO of reinsurance operations John Doucette said on an earnings call
-
Everest Re's reinsurance division posted a 15 percent drop in underwriting profit to $173.9mn in the first quarter of 2016, following an 8 percent reduction in net earned premium to $931mn
-
Collateral lock-ups could drag down ILS investor returns by 15-20 percent of long-term expected profits for deals with a moderate chance of loss, according to research by Milliman.
-
A group of reinsurer sidecars tracked by Trading Risk posted average returns of just above 5 percent in the three months to 31 January, implying they are on track to deliver annualised returns in the low 20 percent range
-
Allied World Q1 premium drop; Ontario Teachers'sells ANV; Alternative capital hits $72bn: Aon Benfield; RMS on Ecuador quake; Record rainfall floods Texas...
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Aeolus became one of the top 10 absolute return managers for the Pennsylvania Public School Employees' Retirement System (PSERS) in its 2015 fiscal year
-
A group of seven cat bond-only funds tracked by Trading Risk has generated an average return of 0.79 percent for the first quarter, two-thirds ahead of the Q1 2015 figure of 0.27 percent
-
Strong bidding interest on the secondary cat bond market helped to counteract the influence of seasonality in early April
-
Lane Financial estimated the ILS market's turnover rate at about 20 percent or $4bn a year, after looking at 21 months of secondary trading data filed by the industry with US regulators
-
An organised city planner might well look at a road map of the reinsurance sector and weep
-
Dutch pension fund service provider PGGM has more than EUR3bn ($3.39bn) invested in the ILS sector after recruiting several reinsurer-led managers
-
Greater volumes of aggregate cat bonds in the first quarter highlighted a shift towards more complex cover and reflected investors' desire for diversification and variety, Munich Re said in its quarterly ILS report
-
Ontario Teachers' Pension Plan (OTPP) has agreed to sell Lloyd's insurer ANV for $218.7mn in cash to AmTrust, the fund announced today (19 April)
-
Geneva-based Lombard Odier Investment Managers has officially launched its new ILS fund, which it said would target returns of 2 to 4 percent above Libor rates, net of fees.
-
Swiss-based Plenum is partnering with Bermuda reinsurer Sequant Re to launch a new ILS fund which will offer opportunities for diversification away from peak risk.
-
Swedish state pension fund AP3 reported total insurance linked assets of 2.7bn krona ($319mn) at the end of 2015, up from 1.8bn krona in 2014 ($230mn) and 1.6bn krona in 2013, according to the fund's 2015 annual report.
-
Alternative capital increased by 12 percent to $72bn during 2015, with continued increases in collateralised reinsurance contributing to growth, according to Aon Benfield's latest reinsurance market outlook.
-
Credit Suisse is making progress with its plans to issue an operational risk insurance securitisation after a major single investor said it would take at least CHF100mn ($105mn) of the transaction, Trading Risk understands.
-
Bermudian Class 3 insurer Iris Reinsurance has listed non-voting preferred shares on the Bermuda Stock Exchange (BSX), it announced today (5 April).
-
AJ Gallagher (AJG) subsidiary Artex Risk Solutions has entered a definitive agreement to acquire Guernsey-domiciled Hexagon Insurance PCC and its subsidiaries, building on the acquisition of Kane earlier this month.
-
Swedish pension fund AP2 added Credit Suisse Asset Management to its roster of ILS managers in 2015, as it expanded its overall holdings in the sector by more than $200mn to take it beyond the $650mn mark.
-
Several Schroders entities have reduced their shareholding in the Catco Reinsurance Opportunities Fund to just under the 10 percent threshold, according to a stock exchange announcement.
-
Hannover Re fronted EUR4.7bn of limit for collateralised reinsurance writers in 2015, up 52 percent from EUR3.1bn the previous year, according to the company's annual report
-
Run-off specialist Enstar is seeking to raise $700mn of capital for its Aligned Re joint venture with UBS O'Connor
-
RenaissanceRe raised $62.5mn from third-party investors for its Upsilon vehicle in January 2016, less than half the $153.7mn of subscriptions received in full-year 2015
-
TransRe expanded its sidecar support from Pangaea Re and other vehicles to more than $400mn of limit in the January renewals, the company confirmed to Trading Risk
-
The ILS market is not yet at a point where its decline in relative value would lead investors to take money off the table, according to panellists at the Sifma IRLS 2016 conference.
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Amlin earned £16.5mn ($23.5mn) of fee income from Leadenhall Capital Partners in 2015, up from £2.4mn in the prior year before it had consolidated the asset manager onto its balance sheet
-
Securis Investment Partners has launched its first UCITS-compliant cat bond fund, targeting a 4-5 percent return above Libor rates.
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The average ILS fund gained 0.23 percent in January, as measured by the Eurekahedge ILS Advisers Index.
-
Hiscox's asset management platform Kiskadee Investment Managers is on track to reach $1bn of assets under management in 2016, the (re)insurer announced as it released its 2015 results today (29 February).
-
Blackstone is set to become the cornerstone investor in the reinsurance and transport finance funds being established by Michael Millette's start-up Hudson Structured Capital Management, sources told Trading Risk
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Alleghany's share of profits derived from its stake in Bermudian ILS manager Pillar Capital and associated funds dropped by $1.1mn to $8.4mn in the fourth quarter of 2015
-
Canadian-listed investment company Premier Diversified Holdings has announced plans to invest another $316,000 in shares of Sequant Re Holdings, a Bermudian ILS manager
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Enstar is seeking to raise $700mn of capital for its Aligned Re joint venture with UBS O'Connor, sister publication The Insurance Insider reported this week
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Allied World has dropped its capital participation in funds managed by Aeolus to $200mn for 2016, down from $350mn last year, the carrier's CFO Tom Bradley said on an earnings call.
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Catco returns 12%; Blue Capital reports results
-
The Australian and New Zealand sovereign wealth funds each provided updates on their combined $300mn allocation to the ILS sector this month.
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ILS fund manager LGT increased its assets under management (AuM) by $300mn to $5.5bn in February, the company told Trading Risk.
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Two Kaith Re cat bond lites have had their maturity dates extended, according to Bermuda Stock Exchange announcements
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Allied World has dropped its capital participation in funds managed by Aeolus to $200mn for 2016, from $350mn last year, CFO Tom Bradley said on an earnings call.
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RenaissanceRe sidecar DaVinci Re reported a $144mn profit for 2015, down 28 percent compared to its 2014 result due to higher claims and a 9 percent drop in net earned premium income.
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The New Zealand Super Fund kept its reinsurance allocation steady at about $200mn in the financial year to 30 June 2015.
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Australia's sovereign wealth fund, the Future Fund, has provided new detail on its reinsurance mandate in its 2014-2015 annual report, indicating the investment was around $100mn in size.
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The top 10 ILS funds have grown their assets under management (AuM) to $44bn - up by 4 percent from six months earlier and 7 percent from January 2015, according to the latest Trading Risk investor survey.
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Sidecar returns remained in the mid-to-high teens on an annualised basis in 2015, although softening was still apparent.
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Brit and Aspen have confirmed that they expanded their sidecar vehicles in the January renewals.
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Two ILS fund managers are supporting new Lloyd's syndicate Probitas 1492, which has a focus on writing Latin American business.
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Returns from a group of ILS funds tracked by Trading Risk were down by a third last year on 2014, as rates continued to stabilise in the ILS market.
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Validus has announced that assets under management (AuM) at its third-party capital platform AlphaCat Managers reached $2.4bn as of 1 January, more than 70 percent higher than at the same point a year ago.
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Pioneer's ILS Interval fund returned 5.9 percent for the first 10 months to the end of its financial year on 31 October, according to its first annual report
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Stone Ridge Asset Management reported annual gains ranging from 4.06 percent to 8.33 percent for its three reinsurance funds in the year to 31 October 2015, while returns from its cat bond funds almost halved, according to the manager's latest annual reports.
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Leadenhall Capital Partners has hired former Markel International analyst Joel Milnes and Swiss Re life insurance actuary Craig Gillespie
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The ILS funds market caught the M&A fever seen across the traditional reinsurance sector this year as its rate of growth significantly slowed
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Leadenhall Capital Partners won a $20mn mandate from a US state university pension fund in early November, according to Securities and Exchange Commission filings.
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The Royal Bank of Scotland (RBS) pension fund lifted its investment with a Nephila Capital fund by 25 percent year-on-year in the financial year ending 31 March 2015.
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Nephila Capital is targeting the Florida Citizens depopulation programme as a new source of business for its expansion into the primary insurance market.
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Swiss ILS fund manager Twelve Capital confirmed that it has closed its Twelve ILS cat bond fund, as it consolidates its range of Ucits funds.
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Leadenhall Capital Partners won a $20mn mandate from a US state university pension fund in early November, according to SEC filings.
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Towers Watson and Willis have agreed to double the value of a one-off cash dividend offered to Towers Watson investors before their proposed merger closes, in an attempt to secure sufficient approval to get the deal over the line
-
The Florida P&C market is set to be the next area of focus for mergers and acquisitions as companies seek liquidity, sources told sister publication The Insurance Insider
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The ILS investor base may be changing as some pull back in response to falling returns but the market should still see steady growth, according to an expert panel at the ILS Bermuda Convergence 2015 conference yesterday (11 November)
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Gibraltar hopes to offer a platform for listed exchange-traded instruments (ETIs) by late 2015 that could open up a new route for ILS fund managers to market in Europe.
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Markel has subscribed for 25 million voting rights in the Catco Reinsurance Opportunities Fund, equivalent to a 6.91 percent share.
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The Indiana Public Retirement System has allocated $50mn mandates to both Nephila Capital and Aeolus Capital Management, a spokesperson for the fund confirmed.
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Negative collateral yields on euro-denominated cat bonds, unthinkable before Europe's debt crisis, have been flagged as a possible issue for the ILS market.
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Alleghany reported $7.3mn of income in the third quarter from its funds invested with Bermudian reinsurance manager Pillar Capital, a 46 percent increase from the $5mn it earned in Q3 last year.
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The ILS Advisers index gained 1.03 percent during September, taking nine-month returns for 2015 to 3.55 percent
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Stone Ridge Asset Management has registered a new fund that it would use to raise and deploy capital after a major catastrophe event
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Former Pimco investment executive and Armored Wolf founder John Brynjolfsson will be joining James Alpha Advisors
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Australian asset manager MLC and the Maryland State Retirement and Pension System both announced new ILS mandates this month.
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Catco is preparing to expand its listed retro fund, the Catco Reinsurance Opportunities Fund, by up to $750mn ahead of its integration by Markel.
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Reinsurers increased their share of the catastrophe bond market from 6 percent to 10 percent in the year to 30 June 2015, according to Aon Benfield's annual ILS report.
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Seven cat bond funds tracked by Trading Risk have delivered average returns of less than 2 percent for the first nine months of 2015, putting them below their performance at the same mark last year.
-
The Swiss Re Cat Bond Price Return Index has almost reached the values recorded at the start of 2015 after posting a 1.7 percent upswing since mid-July.
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A group of sidecars followed by Trading Risk are on track to deliver annualised returns of 10.48 percent, according to data compiled from filings made by US fund managers Stone Ridge and Pioneer
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Bankers at Credit Suisse are hoping to tap ILS investors for an insurance securitisation covering the institution against operational risks, such as of a cyber attack or a rogue trader incident, Trading Risk understands.
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A series of hedge fund reinsurer initiatives were revealed during the Monte Carlo Rendez-Vous last month, with two of the vehicles in progress likely to act as captives
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The Maryland State Retirement and Pension System allocated $100mn to Nephila's Palmetto Catastrophe Fund in July, doubling its initial investment with Nephila.
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Australian asset manager MLC has switched its ILS manager, removing Nephila Capital and appointing AlphaCat, as it seeks to expand into the private (re)insurance market.
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Vario Partners founders Quentin Moore and James McPherson say that Solvency II and insurance M&A will help drive take-up of securitised capital relief products
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Legacy carrier Enstar is working with alternative investment manager UBS O'Connor and its long-term backer Stone Point as it explores a hedge fund reinsurance start-up, The Insurance Insider revealed this week
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A new fronting insurer is on course to launch next month with an A- AM Best rating and backing from Pine Brook
-
A group of sidecars tracked by Trading Risk recorded an average increase in fair value of 2.5 percent for the three months from February to April 2015, according to disclosures from sidecar investors Stone Ridge Asset Management and Pioneer.
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IBM adds Securis; Kinesis fee structure; Catco returns
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Swedish governmental fund AP3 kept its reinsurance portfolio relatively steady over the first half of 2015.
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ILS start-ups have been few and far between in recent years but several new funds are in the works, including Michael Millette's new venture.
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ILS investors have queried several changes to cat bond terms and conditions this year, as Trading Risk has previously reported.
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The £12.9bn BBC Pension Scheme terminated its mandate with Nephila Capital in the financial year ended 31 March 2015, according to the fund's latest annual report.
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ILS funds gained an average of 0.4 percent in July, lagging the 10-year monthly average of 0.62 percent, according to the Eurekahedge ILS Advisers Index.
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Catco said that it expects its 2015 returns to come in ahead of the 14 percent gain reported in 2014, after running free of claims in the first half
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The Turkish Catastrophe Insurance Pool (TCIP) is set to close its new Bosphorus cat bond at $100mn, keeping the deal size at its original target after having earlier indicated it might expand the bond to $200mn
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The IBM Pension Plan added Securis Investment Partners as a second reinsurance manager during 2014, according to its latest annual report.
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Former Falcon Private Bank executive Gregor Gawron has joined $49bn asset manager Lombard Odier Investment Managers to establish a new ILS fund
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United Insurance Holdings set up a new captive reinsurer backed by third-party capital when it renewed its 2015 reinsurance programme
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Alleghany's share of profits from its funds invested with Bermudian reinsurance manager Pillar Capital Holdings dropped during the second quarter
-
The European Securities and Markets Association (ESMA) said that the Channel Islands and Switzerland should be eligible for passports that would allow locally-registered alternative investment funds to be distributed in the EU under the Alternative Investment Fund Managers Directive (AIFMD)
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The slide in RenaissanceRe's catastrophe premiums stopped in the second quarter as it posted a stable level of managed cat premiums written at $439.3mn
-
On 30 June 2015 the US Court of Appeals for the Second Circuit finally put to rest the ongoing litigation relating to Mariah Re
-
Niklaus Hilti said that reinsurance investors could expect to earn net risk-adjusted returns of 5 percent or less in the current market, even for higher-risk deals that attract double-digit gross premium rates
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The net asset value of Stone Ridge's ILS funds increased by 9 percent to $3.29bn at the end of April, up from $3.01bn at the end of January, according to its latest financial reports.
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Alternative investment manager Tages Capital backed the launch of Deutsche Asset & Wealth Management's ILS fund, the parties announced.
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Average returns generated by seven cat bond funds in the first half of 2015 plummeted by 79 percent compared to the same period last year, the worst performance since Trading Risk began tracking the data.
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Alternative market participation on the Florida Citizens Property Insurance traditional reinsurance programme dropped by 9 percentage points in 2015 as rated carriers led by Swiss Re and Everest Re bulked up their lines.
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The top 10 ILS fund managers grew their collective assets under management (AuM) by less than 2 percent in the first half of 2015, according to Trading Risk records.
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Axis has lifted the pre-closing dividend offered to PartnerRe investors by more than 50 percent, taking the total face value of its bid to $138.08 per share.
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Alternative investment manager Tages Capital backed the launch of Deutsche Asset & Wealth Management's ILS fund, the parties announced today.
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More investors than ever are participating in ILS despite spread reductions over the past two years, according to Guy Carpenter
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Aspen Re has recruited Deutsche Bank executive James Lee to work in its $185mn capital markets unit, Trading Risk can reveal
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Investors are expecting the ILS market to almost double in size from $45bn to $87bn by 2019, according to a study of 56 existing and potential ILS investors by the University of St Gallen
-
Retro market leader Catco Investment Manager could secure a valuation of around $300mn when the business is sold, according to analysis from Trading Risk
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The investors behind Catco Investment Management are looking to sell out of the company, sources told Trading Risk
-
Universal Insurance Holdings has bought back a fifth of the stake that Nephila affiliate Ananke Catastrophe Investments purchased in the company in December last year.
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A combined Axis-PartnerRe hopes to earn an additional $60mn a year by 2017 from managing third-party capital.
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Canada Pension Plan buys Enstar stake; Australia's Future Fund hires Elementum; Oppenheimer cat bond fund shrinks by $80mn
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Universal Insurance Holdings has bought back a fifth of the stake that Nephila affiliate Ananke Catastrophe Investments purchased in the company in December last year.
-
Oppenheimer's Master Event-Linked Bond Fund returned 4.34 percent over the year to 30 March 2015, compared to 10.28 percent in the prior-year period.
-
A combined Axis-PartnerRe hopes to earn an additional $60mn a year by 2017 from managing third-party capital, according to a presentation released by Axis today (1 June)
-
Aspen is believed to have chosen an asset management partner for a hedge fund reinsurer vehicle, sister publication The Insurance Insider has reported
-
Australia's A$117bn sovereign wealth fund has hired ILS specialist manager Elementum Advisors to manage a reinsurance portfolio on its behalf.
-
AM Best assistant vice president Steven Chirico told an audience at the Reactions alternative capital event that the agency is assessing at least three candidates for new hedge fund reinsurance vehicles
-
There is plenty of room for the ILS market to triple its current share of the reinsurance market, according to AlphaCat portfolio manager Paschal Brooks
-
Credit Suisse Asset Management is preparing to launch a second rated reinsurance entity less than a year after it helped establish Kelvin Re, Trading Risk understands
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Leading ILS fund manager Nephila Capital has trimmed its net assets under management (AuM) by more than $500mn since the start of 2015
-
Institutional investors will continue to broaden their appetite for diversifying risk and the reinsurance markets will attract an ever-wider investor base, Michael Millette told an audience at the annual Insider New York event.
-
AlphaCat contributed $6.6mn to Validus Group's first quarter earnings, down from $15.7mn a year ago, reflecting lower management fees, higher financing expenses and its lower capital investment in AlphaCat-managed entities.
-
Everest Re raised $60mn of capital for its sidecar Mt Logan Re at 1 April, taking the vehicle's total assets under management (AuM) to $750mn, the carrier's CUO John Doucette said on a Q1 earnings call.
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Towers Watson has suggested that investors adjust their reinsurance allocation to be "moderately underweight" relative to their target exposure, as pricing has fallen to trade in line with historical lows
-
Swedish pension funds dial up ILS; Vloedman launches ILS manager
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A basket of seven cat bond-only funds tracked by Trading Risk has generated an average return of 0.25 percent for the first quarter, plunging from the Q1 2014 figure of 1.01 percent.
-
The New Zealand Superannuation Fund remains a "fan" of the ILS asset class even at current rating levels, but has reduced its exposure as it waits to see if market softening is a permanent trend, according to its head of investment analysis David Rae.
-
Schroders has set up a new cat bond fund that will be able to invest up to 25 percent of its assets in private bonds and cat bond lites.
-
Swedish state pension fund AP3 grew its portfolio of insurance-linked instruments in the second half of 2014, according to the company's full-year report.
-
Pioneer Investment Management has published its first quarterly report for its new ILS Interval fund, disclosing sums committed to a number of reinsurance sidecars including Munich Re's Eden Re II and Brit's new Versutus Re vehicle.
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Stone Ridge took a $100mn stake in Munich Re's new $290mn Eden Re II sidecar in December, the fund manager disclosed
-
The Ontario Teachers' Pension Plan made an 11.8 percent return on its investments during 2014, helping to lift its net assets from C$140.8bn at the end of 2013 to C$154.5bn by year-end.
-
Swedish state pension fund AP2 scaled up its ILS investments in 2014 and awarded a new mandate to Elementum Advisors, according to its latest annual report.
-
Swiss Re has proposed a SwF1bn ($0.99bn) share buyback, in line with rival Munich Re's decision to repurchase EUR1bn of stock over the coming year.
-
When the Gator Re cat bond almost triggered last year it surprised more than a few in the market
-
ILS relative value waning; Evanston invests with Nephila; Investor rotation in listed ILS funds; Allied lifts Aeolus writings
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Multi-strategy hedge funds using borrowing facilities have been helping to drive the growth in large cat bond transactions and influencing the tight pricing conditions, Blue Capital COO Dan Brookman said at the 2015 Sifma ILS conference.
-
The dual-listed Blue Capital Global Reinsurance Fund has reported a total net asset value (NAV) return of 8.8 percent for 2014, including dividends paid throughout the year.
-
Third Point Re dropped to a $14.7mn loss in the fourth quarter as investment results dragged down the company's performance
-
Man Group, the minority investor in ILS fund manager Nephila, took a $9mn share in the company's post-tax profits in 2014, down from $11mn in 2013.
-
UBS Global Asset Management has taken a 5.46 percent stake in the London-listed Blue Capital Global Reinsurance Fund, according to a stock exchange filing
-
Evanston Capital Management, a $5.3bn fund-of-funds manager, has invested 5.5 percent of a recently launched closed-ended fund with Nephila Capital.
-
Greenlight Re's net profit halved in 2014 to $109.6mn, as the reinsurer posted a significant drop in both premium and investment income
-
Allied World reported $708mn of funds held with Bermudian manager Aeolus at the end of 2014, up 14 percent from $621.6mn a year earlier.
-
Catco hopes to release at least $12mn in capital set aside last year to cover potential hailstorm losses by the end of the first quarter of 2015, as the retro manager released its annual report for the Catco Reinsurance Opportunities Fund.
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Standard & Poor's (S&P) believes that the recent string of mergers and acquisitions will not slow down falling rates or ease competitive pressures in the reinsurance industry
-
West Virginia reports gain; Swisscanto buys into ILS; ILS Advisers index dips in 2014
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Florida-based managing general agency (MGA) New Paradigm Underwriters has begun writing parametric hurricane (re)insurance on Allianz paper, Trading Risk can reveal.
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AQR Re shifted more of its assets under management to its newer, higher risk-return fund in 2014.
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Reinsurance carriers are increasingly emphasising the importance of scale, as XL-Catlin and PartnerRe-Axis have unveiled merger plans that will propel them into the top 10 and top five respectively by premium base
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Catlin said that third-party investors put up nearly $350mn to support its various quota share arrangements in 2014
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Swisscanto has begun investing in the ILS sector as the asset manager attempts to combat the negative interest rate environment in Switzerland, it wrote in its February investment policy update.
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ILS manager Twelve Capital has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), the main umbrella body for the cooperative and mutual insurance industry.
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Validus Group's asset management subsidiary AlphaCat wrote 17 percent more premium in the January 2015 renewals than a year ago.
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The Eurekahedge ILS Advisers index gained 5.38 percent in 2014, as the average fund return came to 0.39 percent in December
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Standard & Poor's (S&P) has placed PartnerRe and Axis on credit watch with negative implications due to the uncertainty that will surround the companies until their proposed merger is complete
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An ILS fund run by Deutsche Bank Asset Management (DBAM) began writing business in the January renewals after an extended incubation period, sources told Trading Risk.
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The unpegging of the Swiss franc from the euro last week will have a mixed impact on the cost base of Zurich-based ILS fund managers.
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The Office of Compliance Inspections and Examinations (OCIE) at the Securities and Exchange Commission said one of its priorities for 2015 will be to investigate alternative investment opportunities being offered to retail investors.
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The top 10 ILS funds lifted their combined assets under management (AuM) by 5 percent in the past six months to reach $40bn at 1 January 2015, according to the latest Trading Risk survey of ILS investors.
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Stone Ridge Asset Management's fleet of sidecars made an average gain of 8.2 percent in the three months to 31 October, according to the manager's latest annual report.
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Pioneer Investment Management has established its ILS Interval fund with $50mn of capital, and now has total assets under management of $1.6bn in the ILS sector.
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An ILS fund run by Deutsche Bank Asset Management (DBAM) began writing business in the January renewals after an extended incubation period, sources told Trading Risk.
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Full-year 2014 returns generated by seven cat bond funds tracked by Trading Risk have come in on average 43 percent lower than in 2013, reflecting the impact of market softening.
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Cat bond traders said that activity on the secondary market was subdued in January, as there was less cash overhang than had been expected amid a large number of maturities.
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Bermudian retro writer CatCo has made a 14 percent return over 2014 despite having reserved for a small loss due to US storm events in the second half of the year
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XL Group CEO Mike McGavick today (9 January) said that the company's £2.79bn ($4.20bn) deal to acquire Catlin will create a top 10 reinsurer with expanded alternative capital capabilities.
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Willis-owned Lloyd's insurer Acappella plans to launch a fund management unit as it builds out its operations, CEO Jason Howard told sister publication The Insurance Insider
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Lane Financial's ILS rate-on-line index slipped by 1 percent during the fourth quarter, finishing 2014 at 86 - a drop of 7 percent from the 92.9 recorded a year earlier.
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ILS funds gained 0.13 percent on average in November, taking year-to-date returns to 4.97 percent, according to the Eurekahedge ILS Advisers Index.
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Retro writer CatCo plans to return about $35mn to investors in its London-listed Reinsurance Opportunities Fund, reducing its market capitalisation by about 10 percent
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Stone Ridge Asset Management has made annual returns ranging from 8.2 to 9.4 percent within its three reinsurance funds, the company's annual report for the period to 31 October 2014 shows.
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A health technology firm, Premier Diagnostics, has backed start-up Bermudian ILS fund manager Sequant Re, the company told Trading Risk.
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ILS Capital Management generated a 14.9 percent return for the first nine months of 2014, according to an investor report seen by Trading Risk.
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Nephila's Juniper fund has returned 7 percent for the first nine months of 2014, with its lower-risk Palmetto fund delivering 5.1 percent over the same period, according to a recent presentation from the Oregon Investment Council.
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Investors in renewing 2015 sidecars may be looking at projected net returns that have in some cases halved from 2014, Trading Risk understands.
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CatCo Investment Management's chief operating officer and chief financial officer Jason Bibb has resigned with immediate effect, the London-listed firm announced this morning (12 December)
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Shares in Bermudian reinsurer Montpelier Re rose by over 4 percent in early trading on the New York Stock Exchange, as sister publication The Insurance Insider broke the news that the property cat specialist had been put up for sale by its board
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Stone Ridge Asset Management has increased the upper fundraising target for its Interval fund by over a third to $1.5bn ahead of the January reinsurance renewals.
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Richard Brindle is gearing up to raise a proposed $2bn+ for his return to the market in 2015, sister publication The Insurance Insider has reported
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The average ILS fund gained 0.61 percent in October, as measured by the Eurekahedge ILS Advisers Index, as returns slowed from the September figure of 0.86 percent.
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Oppenheimer's Master Event-Linked Bond Fund reported a 6.43 percent gain over the year to 30 September, according to its latest annual report.
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Amlin will pay an estimated $29.1mn (£18.1mn) to take another 35 percent share in London-based fund manager Leadenhall Capital Partners, taking its total stake to 75 percent.
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Credit Suisse Asset Management (CSAM) has closed its new run-off fund - the ILS Property & Casualty Fund - with $576mn of capital commitments, as of 30 September.
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Fermat Capital Management has halved its guidance to investors on net potential ILS returns as the market has softened.
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Fermat Capital co-founder John Seo said ILS funds should not try to mimic the reinsurance model because they would not be able to "outdo Munich Re or Swiss Re at their own game".
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The value of debt issued by Aspen's Silverton Re sidecar has grown 29 percent in the past nine months to reach $64.5mn, and also grew by 15 percent in the third quarter from $56mn mid-year
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Axis ceded $6.1mn of crop losses to Axis Ventures Re in the third quarter, immediately after setting up an arrangement to transfer agricultural risk to the unit
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Credit Suisse Asset Management is in line to secure a Lloyd's presence via a special purpose syndicate (SPS) with Barbican, sister title The Insurance Insider revealed yesterday
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Reinsurers and hedge funds increased their participation in the cat bond market over the 2013-2014 year as institutional investors pulled back, Aon Benfield Securities said in its annual review of the market.
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The Mariah Re tornado bond lawsuit has resulted in legal changes designed to reinforce the independence of cat bond administrators.
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Twelve Capital CEO Christoph Buerer says that opening a new London office will ensure the firm is "where the talent is" after it added several new analysts to the team
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DCG Iris shareholders vote for wind-up; IBM's UK pension plan commits to Nephila; Nephila and Kinesis win at Insider Honours
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The Royal Bank of Scotland (RBS) pension fund has reduced its allocations to the ILS sector over the past year as spreads have compressed
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Returns generated by seven cat bond funds tracked by Trading Risk in the year to date are a third lower than the results recorded in the same period last year
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Reinsurer sidecars have accumulated average returns of 8.3 percent for the first seven months of 2014, according to the latest quarterly filings from mutual fund manager Stone Ridge.
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ILS investors were largely dissuaded from investing in the $500mn of pre-event Class 1 public securities issued for the Texas Windstorm Insurance Association (TWIA) last month due to the fact the bonds are taxable, Trading Risk understands
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Validus subsidiary AlphaCat is preparing to launch a new cat bond fund that would pursue a passive tracker strategy, Trading Risk understands
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The drive for ILS fund managers to set up rated balance sheets reflects a desire to find alternatives to fronted business, as well as opening up wider access to leverage and new business
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Pioneer Investment Management expects to deploy $400mn-$600mn through its new ILS Interval fund by year-end, principally in the reinsurer quota share market
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A New York district court has rejected a lawsuit filed by Mariah Re liquidators against American Family Mutual Insurance, PCS and AIR Worldwide over a disputed $100mn cat bond payout in 2011
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Stone Ridge Asset Management allocated $30mn to Bermudian retro writer Aeolus in May, according to the latest quarterly reports from the US fund manager.
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Average ILS fund returns for August totalled 0.82 percent, as measured by the Eurekahedge ILS Advisers Index.
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Pioneer Investment Management has launched a new ILS fund offering that will invest in cat bonds and reinsurance quota share vehicles, according to Securities and Exchange Commission (SEC) filings.
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The UK pension scheme of technology conglomerate IBM committed $50mn to invest in Nephila Capital's Iron Catastrophe Fund as of 1 January 2014, according to the scheme's most recent annual report.
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The UK Financial Conduct Authority has temporarily suspended trading of DCG Iris shares on the London Stock Exchange as the company prepares to voluntarily wind up at the start of October
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Scor Global Investment (SGI)'s Atropos fund expects to soon hit the $500mn assets under management (AuM) mark as it celebrates its three-year anniversary, the company's head of ILS Vincent Prabis said.
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DaVinci investor raises stake; Lancashire targets $500mn for Kinesis; AlphaCat AuM reaches $1.49bn
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Golub Capital is deferring the launch of its reinsurance start-up, sister publication The Insurance Insider reported
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Sweden's third national pension buffer fund AP3 continued to reduce its insurance-linked assets in the first half of 2014 after scaling back its exposure in 2013, according to interim results released in late August
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London-based ILS fund manager Securis Investment Partners is launching a new fund that will target the Lloyd's market by providing capital to syndicates, Trading Risk can reveal
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CCLA Investment Management, a specialist fund manager for UK charities, local authorities and the Church of England, has taken a 6.2 percent stake in the London-listed Catco Reinsurance Opportunities Fund.
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Stone Ridge's fleet of public sidecar investments have generated average returns of 3.8 percent over the first four months of 2014, its latest semi-annual report shows.
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A new legacy ILS fund launched by Credit Suisse Asset Management (CSAM) and Bermudian run-off specialist Armour Group is up and running with more than $100mn of assets under management to invest in discontinued insurance books
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Reinsurers up stakes in funds; DCG Iris proposes wind-up; Kinesis adds $50mn limit
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Half-year 2014 returns generated by the seven cat bond funds tracked by Trading Risk are on average 65 percent lower than H1 2013, as the benefit of mark-to-market gains observed last year began running out
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Enstar has become the latest potential candidate for launching an investment-focused reinsurer, but panellists at a recent Trading Risk event warned that there will be tests ahead for this business model as new US proposals on their tax treatment are considered.
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF), through the World Bank, was one of eight new sponsors to come to the cat bond market in the first half of 2014, pushing total issuance volumes above $6bn
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Order books for cat bonds are reaching historical highs for the number of investors, with 30 to 40 investors currently typical, Goldman Sachs' global head of structured finance Michael Millette said at the inaugural Trading Risk London Executive Briefing in June.
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Nephila Capital provided a mammoth $550mn line on the $1.5bn traditional reinsurance programme placed by Florida Citizens Property Insurance this year
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The top 10 specialist ILS managers added $2bn to their assets under management (AuM) in the first half of 2014, as the pace of new inflows slowed but remained steady, the latest Trading Risk investor survey shows
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Lloyd's (re)insurer Amlin has agreed on a deal to lift its stake in Leadenhall Capital Partners from 40 percent to 75 percent, six years after it helped launch the firm.
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The London-listed DCG Iris fund is proposing a voluntary wind-up to its shareholders just two years after its launch.
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The Coca-Cola Company's pension fund has a 5 percent allocation to the ILS sector spread across two mandates, including London-based ILS fund manager Securis Investment Partners.
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Several pension funds with significant investments in the ILS sector have been reducing their allocations to the asset class over the past year as spreads compress.
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The average ILS fund gained 0.31 percent in April, as measured by the Eurekahedge ILS Advisers Index, the market's worst April since 2011.
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Catco has bought back $5.8mn of shares in the London-listed Catco Reinsurance Opportunities Fund in a move that continues its active approach to capital management this year.
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Pillar profits up for Alleghany; GreyCastle buys XL life business; Dutch pension fund SPF eyes up cat bonds
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Over the past year the number of reinsurer sidecars and collateralised vehicles has proliferated, allowing reinsurers to leverage their underwriting expertise and distribution networks and giving investors exposure to unique asset classes
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Nephila Capital is among the reinsurers that have provided new primary insurance capacity for expansive US hurricane managing general agency (MGA) AmRisc in 2014, sister publication The Insurance Insider reported
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Investors are expanding the array of risks they are interested in as they seek to diversify their reinsurance portfolios, according to Mike Millette, global head of structured finance at Goldman Sachs
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Alternative reinsurers and cat bond investors captured 17.6 percent of premiums ceded by the top 10 Florida personal and commercial residential insurers in 2013, up from 14 percent in 2012, according to data collected by Trading Risk
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A number of specialist managers have been investigating signing up for leveraging facilities as ILS spreads fall to single-digit yields, with two US banks willing to offer such arrangements, sources said.
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Lorenz investors earn 25% in first year; Lancashire property premiums drop 11%; Axis offers agriculture business to third-party capital
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The two largest reinsurer-backed fund managers reported significant reductions to their gross premium base in the first quarter, reflecting the impact of falling catastrophe rates
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Schroders' ILS funds under management have grown rapidly since the UK-listed asset manager took a 30 percent partnership stake in Switzerland-based ILS specialist Secquaero Advisors last June.
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Pine River Capital Management has parted ways with former Endurance executives Bill Jewett and Ken LeStrange and now plans to establish a sidecar-style reinsurer in the mould of Watford Re, sister publication The Insurance Insider has revealed
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Nephila Capital has invested in a trio of Floridian insurers, including Heritage Insurance, which is expected to raise $92mn from its IPO on the New York Stock Exchange
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Floridian insurer Heritage expects to raise about $92mn from its IPO on the New York Stock Exchange, according to a Securities and Exchange Commission filing
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Jardine Lloyd Thompson (JLT) Capital Markets has closed a $10mn private Floridian cat bond through a new issuance platform launched with Horseshoe Group, the broker announced today (8 May)
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New York-listed Blue Capital Reinsurance Holdings wrote $21.8mn of gross premiums in the first quarter of 2014 in its first January renewals season since listing last November.
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Everest Re's property catastrophe reinsurance sidecar Mt Logan Re has taken its assets under management (AuM) past the $400mn mark following an additional capital raise at 1 April, according to the reinsurer's first quarter earnings call.
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Alternatives investment adviser K2 Advisors has been quietly offering a fund-of-funds for the ILS sector, Trading Risk understands, while ILS Advisers has also launched such a vehicle in the past month.
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ILS fund managers' first quarter returns this year are lagging behind those in the same period of 2013 following a year of market softening, according to results from a group of seven cat bonds tracked by Trading Risk.
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Several new sponsors came to the cat bond market in the first quarter, with a further surge in early April.
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Several ILS fund managers considered listing new closed-ended vehicles in the past few months but plans for further additions have been put on hold as investors are wary of the current yield environment, Trading Risk understands.
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Stone Ridge Asset Management is continuing to ramp up its new Interval fund after putting down a string of significant investments in reinsurer quota shares during the January renewals, Trading Risk understands.
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ILS broker-dealers told Trading Risk that the market's investor base continued to broaden in the first quarter, with relatively greater participation from generalist investors as spreads compressed relentlessly.
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Questions have been asked about the future of Cayman Islands start-up reinsurer Southport Re due to concerns over the quality of assets it has been using to collateralise its underwriting, sister publication The Insurance Insider has reported
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Stone Ridge Asset Management has filed the first quarterly report for its new $600mn Interval fund, revealing a host of investments in reinsurer quota shares led by a $100mn stake in Everest Re's $370mn Mt Logan Re sidecar.
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The AlphaCat-managed PAC Re sidecar is exploring the possibility of expanding beyond property cat into other business lines including casualty treaty, sister publication The Insurance Insider has reported
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Watford Re will launch with $1.13bn of capital, including a $100mn investment by Arch Capital Group, confirming earlier reports from sister publication The Insurance Insider.
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ILS Advisers will launch a new public fund-of-funds in the ILS market tomorrow (1 April) with $21mn of commitments, the firm told Trading Risk.
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Oxbridge Re has raised $26.4mn of net proceeds from its initial public offering, the company announced
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The Canada Pension Plan Investment Board (CPPIB) has agreed to buy life reinsurer Wilton Re for $1.8bn from a group of investors led by Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL.
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Blue Capital Global Reinsurance Fund, the London-listed reinsurance investment vehicle managed by Montpelier Re, has set the price for its new share issuance at $1.065 per share, a 2.8 percent premium to its net asset value per share on 28 February.
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Munich Re today (20 March) announced a EUR1bn ($1.39bn) share buyback programme as it said it expected its profit to drop 9 percent this year due to a higher tax burden and falling investment income.
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Cayman Islands start-up reinsurer Oxbridge Reinsurance intends to raise up to $29.75mn from an IPO on the Nasdaq SmallCap Market, according to regulatory filings
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Don Kramer's ILS Capital Management has bound about $150mn of reinsurance limit since it began underwriting in the January renewals, sources told Trading Risk.
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Gregor Gawron and two other former ILS executives from Falcon Private Bank have re-emerged at Zurich-based investment management firm Dynapartners and are launching a new cat bond fund, Trading Risk understands.
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Entropics Asset Management is seeking approval from Swedish regulators to launch a fund management business that will target the cat bond market.
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The average ILS fund gained 0.35 percent in January, according to the Eurekahedge ILS Advisers Index.
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Blue Capital Global Reinsurance Fund, the London-listed ILS fund managed by Montpelier Re, plans to complete a further share placement in March.
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Institutional investors continued to strengthen their allocations to hedge funds over the course of 2013, according to Deutsche Bank's twelfth annual Alternative Investor Survey.
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London-based investment manager Acheron Capital and Peter Vloedman-led Anchor Risk Advisors have pulled out of the ILS market, Trading Risk understands.
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Catlin has established its first non-Lloyd's sidecar for 2014 in what the company's CEO said was a new initiative going into "unchartered territory"
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The top 10 ILS fund managers expanded their assets under management (AuM) by $4.5bn over the past six months, and $8bn over the course of 2013, according to our exclusive Trading Risk survey.
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Catlin has set aside capital to invest in two reinsurance funds as it weighs up whether to enter the third-party asset management space, according to the company's founding CEO Stephen Catlin.
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ILS fund manager Nephila Capital's assets under management rose by a quarter to $10bn in 2013, capping off a strong first year in its partnership with KKR, according to the buyout firm's fourth-quarter results.
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Montpelier Re-backed investment fund Blue Capital Re has provided more details on its 2014 portfolio after deploying $144mn of limit in the January renewals, representing 90 percent of the total capital it expects to deploy in 2014
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2013 was the best year for ILS fund returns since 2010, according to the Eurekahedge ILS Advisers Index.
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London-listed ILS fund DCG Iris reported a total return of 2.2 percent in the six months to 30 November 2013, as the fund's manager said that it had boosted results by shifting into private reinsurance deals and reducing its cat bond holdings.
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Blue Capital Re, the New York-listed fund run by Montpelier Re, deployed $143mn of the $174mn net proceeds that it raised last November during the January reinsurance renewals, according to Securities and Exchange Commission filings.
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The EUR40mn Windmill I Re private cat bond issued by Achmea Reinsurance Company was the first indemnity ILS deal for a European sponsor and provided the company with very efficient terms of cover, Achmea chairman Roelant de Haas said in a statement today (22 January).
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Falcon Private Bank has launched a new higher-risk ILS fund that will be offered in UCITS format, a structure that offers investors frequent opportunities to redeem their funds.
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Tokio Millennium Re has sponsored its first private cat bond through the issuance platform launched last year by its subsidiary Tokio Solution and GC Securities.
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The convergence market contributed $10bn of growth to the reinsurance industry's capital base in 2013, Guy Carpenter estimates.
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New sidecar launches continued in early 2014 following a prolific round of 2013 activity, as P&C (re)insurers formed a total of nine known vehicles with just under $2bn of capital.
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Bermuda has welcomed another hedge fund-backed reinsurer with the launch of Watford Re, a new multi-line company set up by Arch Capital in partnership with Highbridge Capital Management.
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Centrum seeks ILS decoupling; Plenum leverages; Credit Suisse caution; Stone Ridge gains; Cat bond lite focus
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The group of pure cat bond funds tracked by Trading Risk have generated an average 2013 return broadly in line with 2012, as the effect of tightening spreads on new issuance was tempered by a benign loss year and rising mark-to-market gains on historic bonds.
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Deutsche Bank has traded with an ILS fund for the first transaction that uses its Longevity Experience Option (LEO), a template for longevity options launched in November, Trading Risk can reveal.
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Collateralised retro provider Catco has shifted its risk profile down for 2014 in response to changing market conditions that have led to decreased demand from some buyers.
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Swiss-based ILS fund manager Plenum has raised $10mn from institutional investors via a new managed account service with private bank Julius Baer, which allows investors to significantly leverage their ILS portfolios
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Collateralised retro writer Catco declared a net return of 21.9 percent for its listed Catco Reinsurance Opportunities Fund in 2013 and said it has significantly de-risked its portfolio for 2014.
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New Ocean Capital Management, the asset manager formed by XL Group and Stone Point Capital, has revealed that it received capital commitments from private equity fund Dowling Capital Partners and an unnamed global asset manager to invest in the January renewals.
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Catco will pay out $0.028 per share to the original investors in its London-listed fund after it settled a liability associated with the 2011 Japan earthquake, the company announced today (14 January).
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The average ILS fund gained 0.47 percent in November, taking 2013 returns for the 11 months to 7.52 percent, according to the Eurekahedge ILS Advisers Index.
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Stone Ridge's two ILS funds reported returns of between 4.5 and 5.6 percent for the nine months to the year ended October 31, 2013, according to its first annual report.
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Blackstone fund builds cat bond book; Blue Capital adds $23mn; Elementum sets up Bermuda SPI
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Money managers were the fastest-growing sector in the cat bond investor market in 2013, Swiss Re estimates.
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The Coca-Cola Company's pension fund has moved into reinsurance after lifting its allocation to alternative investments over the past year, according to regulatory disclosures.
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The London-listed Catco Reinsurance Opportunities Fund may pay a special dividend to investors from its 2013 returns, the company said this morning (6 December).
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American International Group (AIG) is seeking to add $100mn to its Tradewynd Re cat bond reinsurance with a new shorter-term issuance that covers the same risks transferred in its $125mn July deal, Trading Risk understands
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A strong investment performance from Third Point LLC has driven an 18 percent increase in Third Point Re's third quarter profit, according to its first set of results since going public in August
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London-listed ILS fund DCG Iris raised £7.7mn from a new issuance of shares priced at 100.54p per share, according to a stock exchange announcement this morning (7 November).
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ILS investors are prepared to underwrite marine risk but otherwise show limited interest in venturing beyond the catastrophe perils that make up the bulk of their portfolios, according to a leading ILS fund manager
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Lancashire has extended the latest fundraising deadline for its Kinesis reinsurance fund by a week to give the London-listed (re)insurer more time to gauge client demand, it said today (6 November)
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Shares in Montpelier Re's new collateralised reinsurance fund, Blue Capital Re, are set to begin trading on the New York Stock Exchange today (6 November) after the initial public offering priced at $20 per share, in line with previous guidance.
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Stone Ridge Asset Management has lifted its initial target for a new closed-ended reinsurance fund to $600mn from $500mn, adjusting the maximum size of the fund accordingly to $1.1bn, SEC filings show.
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PartnerRe passed $4.1mn of profit to third-party investors in Q3, in what was the second quarter of operations for its Lorenz Re sidecar
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Montpelier Re's managed funds division Blue Capital wrote $1.1mn of net premiums in the third quarter, taking year-to-date premiums written to $35.3mn.
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Average ILS fund returns for 2013 have reached 5.9 percent by the end of September, according to the Eurekahedge ILS Advisers Index.
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UK-listed asset manager Schroders has launched a new cat bond fund on its UCITS Global Alternative Investor Access (Gaia) platform.
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Reinsurance fund manager Leadenhall Capital Partners has reached $1.5bn assets under management (AuM), while confirming the appointment of Robert Schwartz from Dechert LLP as general counsel and head of transaction management.
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Axa's new European wind bond Calypso Capital II closed at EUR350mn to become the largest ever euro-denominated multi-tranche cat bond issuance
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Third party fund management is set to become a much larger proportion of the (re)insurance industry's balance sheet as traditional carriers evolve in response to the influx of alternative capacity, according to Aon Benfield Securities president Paul Schultz.
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London-listed Catco has picked up almost a 20 percent share of the estimated $9bn indemnity retrocession market since it began underwriting at the start of 2011
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ILS managers could find it difficult to deploy capital that is entering the market chasing beta returns, PwC warned in a report released at the Monte Carlo Rendez-Vous
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Cat bond funds have delivered average returns of more than 5 percent to date in 2013, putting them roughly in line with their performance at the nine-month mark last year
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Baillie Gifford, TIAA-CREF and Pioneer Investments are among the key institutional investors that have increased their involvement in the ILS market over the past year, according to sources.
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Nephila co-founder Frank Majors told a Lloyd's audience today (9 October) that there is still room for alternative reinsurance providers to manoeuvre on rates, given investor demand for rare non-correlating risk
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Schroders has launched its first ILS fund since buying a 30 percent stake in Swiss fund manager Secquaero Advisors in June, the asset manager announced today (7 October)
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Montpelier Re is seeking to list Blue Capital Reinsurance, a newly formed Bermudian company that will write collateralised reinsurance, in New York and Bermuda.
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DCG Iris Limited, the London-listed ILS fund, made a total return of close to 5 percent in its first year, as a strategic shift out of a softening catastrophe bond market helped offset modest losses from Superstorm Sandy and the 2012 US drought
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The London-listed Blue Capital Global Reinsurance Fund has capped its upcoming fundraising at a maximum of $100mn, the Montpelier Re-backed company told investors this morning (20 September)
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Swiss investment manager Twelve Capital has announced that it will enter the insurance private debt market with the launch of two funds that will provide capital to small and medium-sized insurers.
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Montpelier Re's Blue Capital Global Reinsurance Fund is planning a second share placement next month, the company disclosed this morning (12 September).
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A number of hedge funds, including Searchlight Capital and Pine River, are understood to be looking to enter the reinsurance sector after Third Point Re's recent flotation on the New York Stock Exchange helped stoke interest in such launches.
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Broker Optex Group has launched a new Lloyd's Calendar Year Combined Ratio Index, which it hopes will provide investors with a new point of access to the London market. Optex director Andrew Martin explains the proposition.
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Listed ILS fund DCG Iris reported an active month for cat bond trading in June as it moved out of several positions in order to lock in mark-to-market profits, according to its latest monthly report
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Leading ILS fund manager Nephila Capital has turned away more than $1bn of capital after closing some of its funds to new investors earlier this year, in a sign of the strength of investor demand for the asset class
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Third Point Re, the Bermudian reinsurer founded by Dan Loeb's hedge fund, has raised $252.2mn from its initial public offering (IPO), net of costs.
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JP Morgan Asset Management and AQR Capital Management are the latest institutions to establish new catastrophe bond strategies, Trading Risk can reveal
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A group of ILS funds tracked by the Eurekahedge ILS Advisers Index posted an average return of 0.33 percent in July, after showing flat returns in June when European flood losses affected some funds.
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Cat bond pricing should continue to favour potential sponsors through the rest of 2013 to put the market on course to transact $7bn-$8bn of total issuance this year, Aon Benfield Securities said
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The average ILS fund delivered a flat performance in June, according to the Eurekahedge ILS Advisers Index, which was the worst June return in the eight years tracked by the index.
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Hedge fund-backed reinsurer Third Point Re is now planning to raise up to $345mn from its initial public offering, according to an updated prospectus.
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XL Capital will launch its new asset management platform with a cat bond fund and a collateralised reinsurance vehicle, CFO Peter Porrino confirmed yesterday (29 July).
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The AlphaCat managed funds division at Validus incurred a $1mn loss from the European flooding in the second quarter, of which $0.1mn was passed to the reinsurer
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Montpelier Re's managed funds division Blue Capital reported $19.6mn of net written premiums in the second quarter, up from $2.4mn in the same period last year, according to the company's quarterly results
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New Jersey Manufacturers Insurance Group has placed its first cat bond, raising $60mn of cover from the privately placed Sullivan Re
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Alternative asset manager Highbridge Capital Management and Bermudian reinsurer Arch Capital are working to set up a partnership that would focus on casualty risk, sister publication The Insurance Insider reported
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Dexion has offered investors in listed insurance-linked securities (ILS) fund DCG Iris the chance to fully redeem their £61.5mn capital.
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Blackstone Alternative Asset Management (BAAM) has selected leading ILS fund manager Nephila to act as one of the investment houses that will underpin a new alternatives-focused mutual fund it is launching.
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Nephila Capital is ranked 81st in the global top 100 alternative asset managers of pension fund capital, according to a new survey from Towers Watson.
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The US Securities and Exchange Commission (SEC) has approved a provision in the Jobs Act that lifts the ban on advertising for certain private placement offerings.
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Bermudian start-up reinsurer Third Point Re has unveiled plans to float on the New York Stock Exchange, with the proceeds earmarked to drive growth in its underwriting business, the company said late on Monday (15 July).
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Trading Risk's list of investors in the ILS market
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Montpelier Re's listed Blue Capital Global Reinsurance fund has been picked as a favourite by JP Morgan Cazenove analyst Matthew Hose because of the resources provided by its parent company.
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Brokers have increased their grip on cat bond distribution in the past couple of years, according to statistics compiled by Trading Risk
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The spate of new cat bond issuance in June helped boost trading activity on the secondary market as the US hurricane season started.
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The number of unrated cat bonds has increased sharply in 2013 as sponsors forego the expense of seeking a rating
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ILS fund managers have perhaps never faced a more challenging time to keep their capital inflows in pace with investment opportunities, despite making significant inroads into the property catastrophe reinsurance market and with ILS issuance on track for a bumper year
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The London-listed Blue Capital Global Reinsurance Fund has deployed $144.7mn through the Blue Water Master Fund, equivalent to 97 percent of its net proceeds.
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The top 10 specialist ILS managers lifted their combined assets under management by 13 percent over the past half-year and now control just over $31bn, according to a new survey by Trading Risk.
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LGT Capital Management's insurance-linked strategies team won three mandates worth $400mn from large European pension funds over the first half of the year, taking its total assets under management past the $3bn mark.
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JP Morgan Cazenove analyst Matthew Hose has given Montpelier Re's listed Blue Capital Global Reinsurance fund an overweight recommendation.
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Start-up ILS fund manager Stone Ridge Asset Management has built its net assets up to $695mn and invested a significant sum in Swiss Re's Sector Re sidecar, according to a half-year report filed this week with the Securities and Exchange Commission
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Private equity firm Stone Point and legacy insurer Enstar are set to buy global specialty insurer Torus in a cash-and-shares deal worth $692mn
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Several specialist ILS fund managers are rationing entry to their funds as they absorb significant growth, Trading Risk has discovered from a survey of the industry's top 10 managers.
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The West Virginia Investment Management Board has invested $40mn in Elementum's NatCat Offshore Fund, according to the pension fund's May financial statements.
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Swiss Re has split its life and health division into two units, one that will oversee the business after it is bound and another that will focus on the product sales.
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Insurance investors believe that third-party capital is in the market to stay, according to a survey by Macquarie analysts
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Steven Cohen's hedge fund SAC Capital could face investor withdrawals of up to $3.5bn, or more than half the $6.75bn third-party capital it manages, according to reports.
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Dexion Capital's closed-ended ILS fund DCG Iris has raised £9.3mn from its third share placement to reach a total size of £60.28mn.
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Hiscox used its newly launched Bermudian special purpose insurer Kiskadee Re to complete several collateralised reinsurance transactions at the June renewals, Hiscox senior vice president Adam Alvarez told Trading Risk.
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Scor Global Investments has raised $50mn for its Atropos ILS fund in the first third-party mandates to be awarded to the manager.
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The six-year history of ILS fund manager Pentelia Capital Management is drawing to a close after former portfolio manager and final remaining staff member Mathieu Marsan left the company this month to join Lancashire.
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Cat bond investors expect another flurry of deals in upcoming weeks, as sponsors respond to the rapid price falls that occurred during a frantic 10 weeks between March and May when $3bn of new issuance was placed.
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Hedge fund-backed reinsurer DE Shaw led the jump in collateralised capacity on the traditional reinsurance programme for Florida Citizens Property Insurance this year, according to the state insurer
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Swiss investment manager Twelve Capital has announced it will assume the investment management of Falcon Private Bank's ILS business, taking its total assets under management (AuM) close to $2bn
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Deutsche Bank is set to enter the ILS management sphere with a $100mn fund to be led by managing director Michael Amori, who has previously worked in the bank's longevity markets group, Trading Risk understands.
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ILS funds tracked by the Eurekahedge ILS Advisers Index posted an average return of 0.83 percent in April
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London-based ILS fund manager Leadenhall Capital has won a mandate from the New Zealand Superannuation Fund to construct and manage a $275mn ILS portfolio
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Dexion Capital's closed-ended ILS fund DCG Iris has raised £9.3mn from its third share placement to reach a total size of £60.28mn
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Prudential takes 17% Blue Capital stake; $200mn mandate win pushes Securis to US
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Switzerland-based ILS fund manager Secquaero Advisors has announced plans to launch a new non-life only fund with new management partner Schroders.
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Dedicated cat funds are continuing to reduce their participation in new ILS issuance this year, according to statistics obtained by Trading Risk.
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There is an increasing bifurcation in the reinsurance industry between an underwriting and a non-underwriting market, Validus Re CEO Kean Driscoll said at the InsiderScope New York 2013 conference today.
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Mercury Capital has opened up a tracker fund to external investors to follow its new MiCRIX index of industry loss warranty (ILW) prices
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PartnerRe provided half the initial capital base for its new $75mn Lorenz Re sidecar, the reinsurer disclosed in its first quarter results
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The AlphaCat managed funds division at Bermudian reinsurer Validus reported $25mn of profit for the first quarter, just above the $24.5mn profit it recorded in the same period of last year
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ANV stake adds to OTPP's heavyweights; LGT opens Bermudian cells; Blue Capital in second round of fundraising
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PartnerRe is the latest reinsurer to establish its own strategic sidecar vehicle with the launch of the $75mn Lorenz Re
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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
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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
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I wonder who first used the term "hot capital" to describe the current investor enthusiasm for the alternative reinsurance market?
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Specialist ILS fund managers are coming under increased fee pressure from institutional investors, despite increased inflows into the sector, Trading Risk has found
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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
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Blue Capital Global Reinsurance Fund - the third-party management arm of Bermudian reinsurer Montpelier Re - is to raise fresh capital to invest in fully collateralised reinsurance-linked contracts and other cat-exposed ILS
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Nationwide Mutual has brought another layer of its latest Caelus Re cat bond to market following the advantageous pricing achieved on the original bond, Trading Risk understands
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KKR: Nephila can scale up; Blue Water dealing; Amlin makesreinsurance savings
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Reinsurers are likely to pursue third party capital structures with longer-term horizons such as cat funds or permanent sidecars in 2013, while the number of temporary, opportunistic sidecars looks set to diminish, a panel of experts agreed at the annual Sifma ILS conference.
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The small size of the alternative reinsurance sector may constrain the pace of its growth but there is still room for it to expand by 30-40 percent, according to Goldman Sachs managing director Shiv Kumar
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Investors in the $67.5mn Class G tranche of Nelson Re notes will be repaid in full after Glacier Re withdrew its arbitration case to give a smooth conclusion to a rocky four years for investors
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Longer-tail casualty business could "superficially" fit the risk appetite of pension funds better than property catastrophe reinsurance, Keefe, Bruyette & Woods (KBW) analyst Meyer Shields argued in a recent note on the industry.
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Two managers have launched new ILS operations as the industry experiences a resurgence of interest from non-specialist investors
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Florida Citizens Property Insurance has brought its second Everglades Re cat bond to market and hopes to raise $250mn of cover at a significantly lower premium than the 2012 deal, according to sources
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Bermudian short-tail specialist Lancashire has appointed Darren Redhead as head of its newly formed capital management business following the surprise exit of Simon Fascione
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Private equity firm KKR hopes to accelerate Nephila Capital's growth after buying a 25 percent stake in the leading ILS fund manager last month
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Lancashire announced it has set up a new third-party capital management division, Lancashire Capital Management, to replace its previously planned Saltire Management structure
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The top 10 ILS fund managers have added $7bn to their combined assets under management over the past year and now control almost $28bn of funds, according to investor data compiled by Trading Risk.
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Just one private cat bond has been placed in the last month but ILS investors still expect 2013 issuance to be around the $6bn mark as they await new deals
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Although significant institutional capital may be sitting on the "sidelines" of the alternative reinsurance market other factors are preventing more pension funds from being attracted to the space, fund advisers say.
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PGGM linked to SNS Reaal deal; Hertfordshire fund invests £32mn in ILS; Credit Suisse reduces Sandy loss; Catco's Sandy losses total $140mn
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Lancashire is returning the bulk of capital raised for its $250mn Saltire Re I sidecar just three months after its launch, Trading Risk can reveal
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Ariel veteran Don Kramer has hired two senior new executives to join his start-up fund manager ILS Capital Management after Jerome Faure and Alex Krutov left the organisation, Trading Risk can reveal.
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Bermudian ILS manager Nephila Capital is setting up a new £100mn Lloyd's syndicate to underwrite its county weighted industry loss (CWIL) products.
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The ILS investor base took a more generalist slant in 2012 as money managers and pension funds increased their share of investment in new cat bond issuance, Swiss Re Capital Markets has said in its annual review of the market.
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Nephila's partnership with private equity firm KKR will send a signal of the firm's staying power to its trading partners, the fund manager's co-founder Frank Majors told Trading Risk.
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Private equity firm Kohlberg Kravis Roberts & Co (KKR) has bought a 24.9 percent stake in leading ILS fund manager Nephila, in the latest demonstration of heightened investor interest in alternative catastrophe reinsurance.
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London-listed reinsurance fund Catco has kept its Sandy loss forecast unchanged despite the sharp increase in the PCS loss estimate to $18.75bn
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Listed ILS fund DCG Iris said it delivered total returns of 1.88 percent in its first half-year of operations from April 2012 to the end of November
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Munich Re said the ILS market will offer excellent placement conditions for diversifying perils in 2013 as specialist investors' return hurdles for such bonds have lowered significantly over the past three years
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Reinsurers are facing pressure to "keep up with the Joneses" in convergence, one Bermudian reinsurance executive noted, as sidecar renewals continued after 1 January despite plentiful traditional capacity
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Investors in the pharmaceutical company Elan are suing Steven Cohen's SAC Capital Advisors, alleging that it engaged in illegal insider trading in Elan's options before clinical trial results were released
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Allied World Assurance Company has bought a 20 percent minority stake in Bermudian collateralised reinsurance writer Aeolus, buying an equal share from all other partners, to expand its Allied World Financial Services platform
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Eskatos combines funds for scale; DCG Iris adds £11mn; Catco raises 2013 target
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The GAM FCM Cat Bond Fund managed by Fermat Capital has once again topped the table of annual returns for the group of ILS funds tracked by Trading Risk
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The ILS market is already underway for 2013 with two cat bonds set to close in the first few weeks
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Goldman Sachs confirmed it is considering selling a majority stake in its reinsurance business, after sister publication The Insurance Insider reported that it was looking to sell to wealthy individuals through a private placement
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American International Group (AIG) has drawn on a greater proportion of collateralised cover for its 2013 US property catastrophe reinsurance programme after switching to a treaty based around "one-shot" covers
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US life and health insurer Aetna's latest Vitality health insurance bond is set to close on target at $150mn soon, Trading Risk understands, as spreads tightened due to strong investor demand.
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Goldman Sachs confirmed it is considering selling a majority stake in its reinsurance business, after sister publication The Insurance Insider reported that it was looking to sell to wealthy individuals through a private placement
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Swiss-based ILS fund Twelve Capital has grown to manage more than $1bn of capital, roughly half of which is invested in ILS funds, according to a company statement
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The AlphaCat 2013 sidecar has grown its January renewals capacity by a small margin over the previous 2011 vehicle, AlphaCat portfolio manager Paschal Brooks told Trading Risk.
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Listed retrocession writer Catco took in $350mn during the fourth quarter and deployed more than $2bn of collateralised retro capacity at 1 January, the fund manager announced in its annual statement today
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Allied World Assurance Company has bought a minority stake in Bermudian collateralised reinsurance writer Aeolus to expand its Allied World Financial Services platform
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Alterra's sidecar New Point V has increased in size from $210mn to $247mn, the company said
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RMS Paradex puts Sandy at $17.8bn; Sandy loss disclosures; Listed funds draw in institutions; ILS attracts Magnetar exec
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Nephila is believed to have matched its $1bn+ first-half fundraising feat in the second half of the year as it heads toward the 2013 renewals.
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Towers Watson Capital Markets is marketing a new private cat bond that is aiming for roughly $50mn of cover for a large US-domiciled sponsor, Trading Risk understands
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Montpelier Re hopes its new third party management arm Blue Capital Management will grow its asset base to $0.5bn-$1bn over the next 3-5 years, the company told Trading Risk
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Axis chairman Michael Butt says Bermuda may never see another wave of traditional start-up (re)insurers like 2001 or 2005 but remains the location of choice for the ever-constant flow of new capital into the industry
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Hong Kong-based advisory firm ILS Advisers hopes to raise $50mn-$100mn for a new fund-of-funds for the ILS market in the first half of next year.
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Dexion Capital's closed-ended ILS fund DCG Iris has deferred the deadline for its second-round share issuance by three weeks as a result of Hurricane Sandy.
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Stone Ridge Asset Management is marketing two new ILS funds under the leadership of Ross Stevens, a former Magnetar executive, according to SEC filings.
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Specialist ILS fund managers have set a high bar for reinsurers trying to enter the fund management sector, with some new entrants still falling short of demonstrating a "fund mentality", according to speakers at the annual Trading Risk Rendez-Vous hosted in New York last month.
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Sidecar DaVinci makes investment gains; AlphaCat division lifts results
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AQR wins Illinois mandate; Minnows close doors after exec moves; Third Point Re offers investment deals
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Start-up ILS fund manager Eastpoint Asset Management hopes to reach the $100mn mark in its first year of operations and is targeting $500mn within three or four years, the firm's management told Trading Risk.
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Specialist ILS fund manager Securis has added a new lower-risk fund to its line-up.
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Montpelier Re is progressing with plans to expand its third party funds management business through two new ventures, Trading Risk has learned.
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USAA is the first sponsor to return to the cat bond market after Hurricane Sandy with a new $250mn Residential Re offering that includes two high-risk layers of cover
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Swiss Re has closed its latest Mythen Re cat bond at $200mn, in the first deal that mixes hurricane and mortality risk in one offering
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Lancashire Group has added to its sidecar fleet by launching a $250mn collateralised vehicle that will underwrite aggregate products at the 1 January renewals
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Swiss Re is not keen on opening up its internal insurance-linked securities (ILS) fund to third party investors, according to reinsurance CEO for the EMEA region Jean-Jacques Henchoz.
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Asuka Asset Management has launched a new ILS fund manager, Eastpoint Asset Management, and seeded its first fund with $40mn of capital.
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Investors need to be more accepting of indemnity loss triggers and non-modelled perils if there is going to be significant growth in the convergence market in 2013, Aon Benfield Securities CEO Paul Schultz warned today.
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Florida's state-backed insurer Citizens is planning to re-enter the cat bond market in 2013 with an additional $250mn placement, after making its debut this year with the $750mn Everglades Re transaction
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Munich Re has brought out a new Queen Street VII Re offering that is almost an exact replica of Queen St VI Re, Trading Risk understands
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The two bonds currently being marketed to prospective investors include an innovative transaction where mortality risk is combined with property catastrophe risk in a single tranche
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Nephila Capital co-founder Frank Majors warned that reinsurers face a number of potential pitfalls as they target the funds management arena
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Capital market participants will be an essential component in the longevity risk transfer market over the long term as (re)insurers reach their limit of capacity, a Swiss Re report has found.
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Tower Watson Capital Markets has launched a new database of casualty tort information to entice the alternative reinsurance sector into the casualty risk space
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Two hedge-fund start-up vehicles have been broaching new territory in the reinsurance sector, one providing a platform for hedge funds to enter the space and the other delving into long-tail casualty lines
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Bermudian participation in ILS investment surged in the year to 30 June as specialist fund managers regained their dominant role in the cat bond market, according to Aon Benfield's annual report on the sector
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Dexion Capital's closed-ended ILS fund DCG Iris says it hopes to complete its first follow-on share issue before year-end, as part of plans to increase its capital to £150mn by mid-2013
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The ILS sector's two leading fund managers have mushroomed in size, as investors' enthusiasm for direct catastrophe reinsurance risk has seen billions of dollars in new capital pour into the sector in 2012.
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Luxembourg-based Eskatos Capital Management has suffered a small crop loss in its flagship Multistrategy ILS Fund, according to the manager's monthly updates
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Hannover Re is backing a new ILS fund, Leine Investment, that will be open to third party funds from 2013, Trading Risk can reveal.
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RenaissanceRe's Top Layer Re sidecar took total claims of $412.5mn from the New Zealand and Japanese earthquakes in 2011, according to a ratings note from Standard & Poor's
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Private equity-backed start-up Southport Re hopes to have written $100mn-$250mn of collateralised reinsurance limit after the 1 January renewals, according to CEO Glenn Weber
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Munich Re looks poised to become the latest reinsurer to launch a third-party ILS fund after confirming that it is talking to potential investors
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Third Point Re has attracted enough funding to launch its property cat venture for the 1 January renewals, Trading Risk understands.
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Hurricane Isaac was a credit negative event for the Combine Re cat bond, ratings agency Moody's said, as losses from the storm are likely to erode more of the aggregate bond's deductible
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Leadenhall Capital Partners has raised new funds worth more than $120mn over the past few months to take its assets under management to about $770mn from the start of September, CEO Luca Albertini told Trading Risk.
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International catastrophe events caused losses for two sidecars in the second quarter.
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Bermudian ILS manager Pillar Capital Management is set to launch a new lower risk fund as it fundraises for its first January renewal season under new management after recently rebranding from Juniperus Capital
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Dexion Capital says it expects follow-on share issuances to be easier after raising just £40mn from the float of its ILS closed-ended fund DCG Iris
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Second quarter gains have helped bolster performance among ILS fund managers but their first half returns are still lagging the Swiss Re Global Cat Bond Total Return index, according to results from a group of seven cat bond funds tracked by Trading Risk
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An inflow of investors into the private bond market allowed broker Towers Watson Capital Markets (TWCM) to double the size of the Oak Leaf Re cat bond it placed from $11.95mn last year to $22.78mn
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Two cat bond funds closed their doors to new subscriptions this month, but this is not necessarily a sign of a wider issue with excess capacity, market observers said
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SAC Re CEO Simon Burton says the key to the firm's successful fundraising has been repackaging its combination of (re)insurance and investment risk to appeal to investors dissatisfied with the currency on offer from traditional reinsurers
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Sarasin Fund Management has closed its Cat Bond Fund to new subscriptions after taking in $100mn in its first four months.
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Hedge fund-backed reinsurer SAC Re is nearing the end of the fundraising process and is preparing to launch, reports sister title The Insurance Insider
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GAM has placed a soft close on the Star Cat Bond fund, which is overseen by leading ILS fund manager Fermat Capital Management, with new subscriptions subject to a waiting list
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Defying conventional wisdom, debt from specialist credit funds will still support sidecars, according to panellists at the CFO Forum hosted in London yesterday (27 June) by sister publication The Insurance Insider
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Dexion Capital has raised £40.1mn, less than half the targeted £100mn, for its new listed ILS fund DCG Iris
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Bermudian (re)insurer Argo Group has hired former BNP Paribas convergence expert Mark Gibson to the new position of director of alternative risk capital
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Bermudian (re)insurer Alterra Capital has launched another incarnation of its New Point sidecar, the company announced today (20 June)
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Dexion Capital has extended the deadline for its initial public offer of shares in a closed-ended ILS fund, the company announced today.
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Dexion Capital was due to close subscriptions to its proposed DCG Iris fund on 15 June, after Trading Risk went to press, as the fund manager made its second attempt to list a closed-ended ILS fund.
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With a strong showing at the mid-year renewals, the convergence sector now has a 14 percent market share of global cat reinsurance limit placed - signifying a watershed in its development, according to Guy Carpenter vice chairman David Priebe.
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Capital market investors provide about 10-15 percent of the $220bn-$250bn of global catastrophe reinsurance capacity, according to estimates from brokers and bankers.
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RenaissanceRe's temporary retro sidecar Upsilon Re is likely to continue writing business into 2013 after launching at the start of this year, the property cat specialist said.
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Leadenhall Capital Partners has hired Simon Mason as an analyst to help with portfolio management and risk management.
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Greenlight: new entrants hinder market; Farmers renews contingent capital deal
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An ILS fund is one of the partners behind Bermudian reinsurer Montpelier Re's growing stable of private sidecars, Trading Risk understands
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Dexion Capital will seek to raise £100mn-£150mn from the IPO of its new London-listed ILS fund DCG Iris, the company told Trading Risk.
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$30mn of hurricane options have traded on the Chicago Mercantile Exchange (CME) in the largest single order since 2009, taking the value of deals traded on the exchange this year to $45mn.
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ILS traders are blaming strong primary issuance levels, seasonality and an increasingly US-wind exposed market for continued declines on the secondary cat bond market ahead of hurricane season.
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Chris McKeown, the former head of hedge fund-backed New Castle and CIG Re, is returning to the convergence market as CEO at Bermudian fund manager Juniperus, Trading Risk understands.
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Leading ILS fund manager Fermat Capital has launched a new Australian cat bond fund seeded with an investment from local superannuation fund NGS Super
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London-based ILS fund manager Leadenhall Capital Partners has taken in another $65mn into its funds, taking its assets under management above the $650mn mark, the company said in a statement today.
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Alternatives fund manager Dexion Capital plans to list a new ILS fund on the London Stock Exchange that will act as a feeder fund into Credit Suisse Asset Management (CSAM)'s Iris Low Volatility Plus fund.
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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.
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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
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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
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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
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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
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Mexico is planning to transfer nearly all its federal catastrophe risk to the capital markets after pioneering the first sovereign parametric cat bond in 2006
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Industry group the Life and Longevity Markets Association (LLMA) has launched a new set of longevity indices to help attract additional investor capital to the market
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Collateralised markets continued to attract interest as rates rose at the Asian-focused 1 April renewals, according to broker reports
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ILS fund manager returns have begun 2012 in positive territory after the first catastrophe clear start to a year since 2009
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In the largest ever first quarter of cat bond issuance, Swiss Re's $200mn Combine Re offering stood out for an innovative structure that the reinsurer hopes will open up the market to more sponsors
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The most recent batch of 2012 reinsurance launches show that the start-up model is evolving and adapting to the new low interest rate environment
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Third Point Re has made a strong statement of its intent to build a significant property cat business with the high profile hire of former Goldman Sachs executive Manoj Gupta, Trading Risk can reveal
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Hedge fund Paulson & Co has joined forces with Bermuda-based Validus Holdings to launch a $500mn reinsurer, PaCRe, in time for the mid-year US wind renewals.
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Risk Management Solutions manager Jinal Shah explains how the modelling firm's new Miu Pricing platform aims to help fixed income investors analyse catastrophe risk.
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Broker dealers held pricing on the troubled Nelson Re Class G notes stable in March as the defunct Swiss reinsurer Glacier Re once again extended the maturity date on the notes.
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Swiss Re's new Combine Re cat bond includes the first tranche of investment grade risk to hit the cat bond market since 2007, as industry participants welcome signs of interest from non-specialist investors nearly four years on from the financial crisis.
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Liechtenstein-based investment manager LGT Capital Management has bought Clariden Leu's ILS operations for an undisclosed sum. 0 false
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Credit Suisse Asset Management is joining forces with Bermudian run-off specialist Armour Group to fundraise for a new fund that will target run-off opportunities in the non-catastrophe side of the property & casualty insurance market.
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Swiss bank Clariden Leu has received interest from LGT Group and Schroders in buying its ILS funds management operation, according to a report in the Swiss financial media.
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The convergence market has seen $3bn-$4bn of new fund inflows in recent months as capital market investors seek returns in a weak broader market, said John Seo, founder of leading ILS investor Fermat Capital
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Alternative investments researcher Eurekahedge and Hong Kong-based advisory firm ILS Advisers have launched a new index to track returns from hedge funds specialising in ILS, the companies announced today (1 March)
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Hedge funds are showing renewed interest in the reinsurance sector after the catastrophe losses of 2011, ratings agency AM Best noted in a recent briefing paper.
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Investment manager Catco is not planning any further fundraising for the group's listed investment vehicle the Catco Reinsurance Opportunities Fund this year, it said in an update to the London Stock Exchange.
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Private equity investor Aquiline Capital Partners has put significant sums to work in funds managed by Juniperus Capital as well as buying the investment manager, Trading Risk can report.
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Investors have welcomed tighter conditions on ILS cover following unease over the Mariah Re payouts.
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Modelling firm RMS has signed up Rochdale Securities as the first broker to provide secondary pricing data for the launch of its new ILS pricing tool.
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Retro sidecars gained traction in the January renewals as at least one new vehicle, RenaissanceRe's Upsilon, joined the starting line.
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Bermudian collateralised reinsurance writer Aeolus raised and deployed about $1.2bn in capital over the past year as it evolved from a private equity partnership into a third party funds manager, Trading Risk can reveal.
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Bermudian reinsurer Arch expects to take a $13.7mn-$15.7mn loss from its share in collateralised writer Aeolus's results from the second half of 2011.
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Investment manager Catco does not plan on further fundraising into the group's listed investment vehicle Catco Reinsurance Opportunities Fund this year, the company announced in an update today.
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The insurance industry is becoming increasingly attractive to short-term capital investors as returns from other sectors dwindle, but insurers shouldn't expect this to last, Kiln CEO Charles Franks says
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Insurance-specialist private equity investor Aquiline Capital Partners has bought out the existing shareholders of Bermuda-based catastrophe investment manager Juniperus Capital Ltd (JCL), Trading Risk can reveal.
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Swiss-based alternative investor Twelve Capital has expanded its partnership with Bank Sarasin to sell a new ILS fund
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Major cat fund manager Clariden Leu has re-opened its flagship Cat Bond Fund to new capital inflows, seven months after closing its doors in May last year in the face of weak ILS issuance
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The ILS market continues to grow its investor base, drawing in a wider, more geographically balanced pool of investors, Swiss Re says in its annual review of the market
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Collateralised reinsurer Catco deployed $1.25bn of retrocession capacity in the 1 January renewals through its Master Fund, according to a stock exchange announcement
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Leading ILS fund manager Nephila Capital won a $100mn mandate from an Oregon state pension fund, taking it near the $5bn assets under management mark
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Credit Suisse Asset Management (CSAM) has reached $4.4bn insurance-linked assets under management and launched a number of new funds targeting less liquid investments, Trading Risk can reveal
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Leadenhall Capital Partners CEO Luca Albertini says winning a new £200mn life insurance-linked mandate will move the firm up a league in the ILS fund manager world
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Reinsurance buyers are taking more interest in capital market solutions after a fragmented and difficult January renewal season, according to the two largest reinsurance brokers
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Major cat fund manager Clariden Leu has re-opened its flagship Cat Bond Fund to new capital inflows, seven months after closing its doors in May last year in the face of weak ILS issuance.
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Swiss-based alternative investor Twelve Capital has expanded its partnership with Bank Sarasin to sell ILS.
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Hedge fund-backed reinsurer Third Point Re won its targeted A- financial strength rating from rating agency AM Best and was underwriting risks incepting at 1 January 2012.
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Mariah Re investors are awaiting the release of a report from AIR Worldwide today to see whether the modelling agency has changed its mind on classifying an April storm as a "metro event", Trading Risk understands.
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Leading ILS fund manager Nephila Capital has won a $100mn mandate from an Oregon state pension fund, taking it near the $5bn assets under management mark.
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It has been a hard slog fundraising for some of the new ILS fund managers over the past six months, with only a couple managing to attract new capital by year-end.
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Reinsurance investor Catco has attracted at least $375mn from a new fundraising round, the company announced today.
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Trading Risk previously reported that North Carolina-based hedge fund Petra Haven, led by Brad Chance, had seeded Bermudian ILS fund manager Dunamis with a single-digit million-dollar amount.
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Collateralised Bermudian reinsurer Q Re is set to close as billionaire backer George Soros steps away from the sector.
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Listed fund manager Catco Reinsurance Opportunities Fund says it is considering reserving for a loss from the New Zealand earthquake to "resolve ambiguity" ahead of the January 1 renewals.
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Investment manager GAM has launched a new pure cat bond fund with seed capital from a group of external investors as part of its line-up of funds managed by leading ILS player Fermat Capital Management.
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The ILS market's risk appetite has proved "remarkably stable" amid a highly volatile year, Lane Financial partner Morton Lane wrote in a recent report.
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Nephila Capital co-founder Frank Majors encouraged a Baden-Baden reinsurance audience to embrace the convergence sector and said it offered an opportunity for all in the market.
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Cat bond premiums are far higher than they should be when analysed using investment theory models that predict low risk, diversifying assets such as ILS should earn correspondingly low returns...
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ILS fund structures are coming under strain as managers direct more of their portfolios into illiquid collateralised reinsurance instruments, Albourne Partners analyst and ILS investment adviser Michael Hamer said at the Trading Risk New York conference.
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Swiss Re Capital Markets hopes to attract more institutional investors to back industry loss warranty (ILW) capacity as it mulls setting up a platform to transform the derivative contracts into bond format
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Aggregate industry loss warranty (ILW) covers have grown in popularity this year but there are questions over how much supply will be in the market next year
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Leading ILS fund manager Nephila has more than tripled its line on the California Earthquake Authority (CEA)'s 2012 reinsurance programme, according to board meeting papers from the authority
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Private cat bond deals are likely to continue, but they do not always save costs for their issuers, broker Willis Capital Markets and Advisory said in a recent report on the ILS market
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Prices in the secondary trading market are being depressed by a flurry of keenly priced new cat bonds in the fourth quarter and an element of seasonality as the US wind season closes
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Pricing on American Family Mutual's Mariah Re 2010-1 cat bond increased slightly on news that the notes were to suffer an $11.6mn loss
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Two new cat bonds remain in the market at the time of going to press - a $125mn US multi-peril Residential Re offering from repeat sponsor USAA and a $275mn Compass Re issuance from Chartis division National Union Fire Insurance Company (NUFI)
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LS investors snapped up a trio of cat bonds that closed above target on tight pricing in the past month
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Swiss-based ILS fund manager Solidum Partners will issue a new private cat bond off the back of its participation in the California Earthquake Authority (CEA)'s 2012 reinsurance programme, Trading Risk can reveal
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Collateralised reinsurers stand to benefit from expected strong demand for aggregate covers at the 2012 reinsurance renewals, as (re)insurers seek to protect their earnings amid heavy cat loss accumulations
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Investment manager GAM has added a new cat bond fund to its range of ILS products managed by Fermat Capital Management.
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A panel of (re)insurance industry executives advised reinsurance buyers to limit exposure to capital market capacity, questioning the long-term commitment of some investors in the sector.
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Swiss Re Capital Markets hopes to attract more institutional investors to back industry loss warranty (ILW) capacity as it mulls setting up a platform to transform the derivative contracts into bond format, managing director Judy Klugman has said.
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Ratings agency Standard & Poor's (S&P) said it expected the Mariah Re 2010-1 notes to start incurring losses as it downgraded their rating to CC
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A number of insurance-linked investment managers are locked into the bitter final stages of a beauty parade, seeking to attract the attention of pension fund investors to secure further inflow of capital for the remainder of the year.
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Chicago-based insurance-linked investment manager Elementum Advisors has launched a Bermudian management firm, Trading Risk can reveal.
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Scor Alternative Investments (SAI) aims to fully deploy the $100mn seed capital invested by parent company Scor in its new Atropos ILS fund by year-end, Trading Risk can report.
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Willis is the latest reinsurance broker to woo investors for a new fund, Hendiatris, which will write collateralised reinsurance as well as invest in ILS, Trading Risk can reveal
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Credit Suisse Asset Management took in more than $1bn of new funds over the first half of the year to become one of the leading beneficiaries of investor interest in the ILS market.
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Scor hopes to become a premier ILS fund manager as it begins marketing its new Atropos fund to investors this month - a year after Trading Risk first revealed the French reinsurer's plans to expand into third party funds management.
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(Re)insurance start-up specialist Don Kramer has backed the insurance-linked capital markets in his latest venture and plans to manage institutional capital from October under his ILS Capital Management umbrella, Trading Risk can reveal.
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Italian-listed asset manager Azimut has bought a half-stake in ILS manager Katarsis Capital Advisors and its subsidiary Eskatos Capital Management for EUR7.5mn.
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The BBC pension scheme recently awarded a £76mn ($124mn) mandate to Nephila Capital to invest in insurance-linked risk, joining the growing body of pension funds investing in the sector.
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The BBC Pension Scheme gave a £76mn ($124mn) mandate to Nephila Capital to invest in ILS in the 2010-2011 financial year, according to the fund's annual report.
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Investment manager AQR Capital Management has confirmed that it is setting up a reinsurance investment team led by ex-Magnetar executive Andrew Sterge, as revealed by Trading Risk last month.
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Former Manulife P&C chief Andreas Kusay says he is confident his $300mn retro start-up Aliseo Re will be writing business for January 2012, despite the launch delay.
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(Re)insurer Alterra and private equity partner Stone Point Capital opened up entry to their recently launched New Point IV sidecar to six external investors.
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The ILS asset class has delivered solid double-digit returns to investors over the past two years, but 2011 performance will be marred by catastrophe losses.
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The influx of capital into ILS funds continued last month, with two European funds winning major mandates.
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Andrew Sterge has left multi-strategy investment firm Magnetar Capital with a view to re-forming part of his insurance-linked investment team, Trading Risk understands.
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Swiss investment manager Twelve Capital has secured a $150mn ILS mandate from Denmark's largest occupational pension fund.
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London-based ILS manager Leadenhall Capital Partners has raised another $50mn from investors, compounding an earlier $50mn June inflow and taking total assets under management to $210mn.
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Clariden Leu shuts doors to cash influx; Alternative beta for Australian fund; Greenlight reports lossTraymar courts private equity for $100mn life settlement fund
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A handful of small to mid-sized European ILS fund managers have succeeded in riding the wave of interest in insurance-linked investments by raising over $250mn in recent weeks, Trading Risk can reveal.
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Collateralised reinsurer Aeolus Capital Management has raised more than $500mn to invest in the mid-year renewals as its private equity owners back out of the business, Trading Risk can reveal.
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London-based ILS manager Leadenhall Capital Partners has raised $50mn from new investors this year to take its assets under management to about $165mn.
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Prominent ILS fund manager Clariden Leu has once again closed its flagship Swiss-domiciled cat bond fund to new capital inflows after cat bond issuance has failed to keep pace with investment intake.
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Japanese losses and cat bond markdowns have hit many ILS fund managers' monthly performance results and will leave them with lower levels of diversifying assets.
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Start-up reinsurer Catco's annual gross returns could drop from 23 percent to 5 percent if it suffered a complete loss on its Japanese earthquake exposure, the firm's latest monthly update to investors reveals.
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Serial (re)insurance entrepreneur Don Kramer is talking to institutional investors about opportunities in the insurance-linked capital markets sector, Trading Risk can reveal.
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Baldwin ILS fund first to report March loss; Catco goes back to investors for $7mn;Securis holds on listed fund; GAM markets Fermat fund
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Bermuda-based retro and industry loss warranty (ILW) fund Aeolus is raising additional capital to deploy ahead of the US wind season, while its corporate restructure is on track to complete later this year, according to sources.
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Serial (re)insurance entrepreneur Don Kramer is talking to institutional investors about opportunities in the insurance-linked capital markets sector, Trading Risk can reveal.
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ILS manager Securis Investment Partners has put plans for a £200mn exchange-listed closed-end fund on hold, citing the Japanese earthquake and investor caution for the delay.
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Start-up reinsurer Catco has raised $7.36mn from a new share issue ‘to satisfy demand that cannot be met through the secondary market,' the firm said in a stock exchange announcement today.
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Swiss-listed investment manager GAM has launched a new cat bond fund to be managed by leading ILS investor Fermat Capital Management.
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Where is capital coming from in the convergence market? Trading Risk has a go at finding the source of funds...
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London-based investment manager Securis Investment Partners is hoping to raise up to £200mn from a closed-ended fund to be listed on the main London Stock Exchange (LSE) this month.
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The recent influx of pension fund capital into the insurance-linked sector is likely to put further pressure on US wind cat bond spreads this season, taking pricing near to or below traditional reinsurance.
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Amlin has upped its investment in ILS funds managed by Leadenhall Capital Partners to $111.9mn in 2010, the Lloyd's insurer reported in its annual results released on 2 March.
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London-based investment manager Securis Investment Partners plans to launch a new fund on the main London Stock Exchange (LSE) in March.
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Clariden Leu - which launched the first UCITS III-compliant cat fund in November last year - has teamed up with German distributor Fundmatrix.
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Swiss ILS managers, Credit Suisse Asset Management (CSAM) and Clariden Leu, have seen $700mn of new fund inflows, Trading Risk can reveal.
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Swiss investment manager Secquaero Advisors plans to launch a new Luxembourg ILS fund under its UCITS III-compliant platform set up by Decision Analytics.
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The market share of dedicated cat funds in new ILS offerings has fallen by 30 percent since 2008 to comprise under half the market in 2010, recent research by Munich Re has shown.
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Investment bank JPMorgan completed an innovative longevity hedge last month, but the next health check for the pension risk transfer market will come when the bank tests investors' appetite for picking up reinsurance on the deal
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Expansive ILS manager Credit Suisse Asset Management (CSAM) has launched a new extreme mortality investment fund, with capacity in the firm's IRIS suite of funds rising to $3.5bn, Trading Risk can reveal.
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Collateralised reinsurance fund manager Catco invested almost 100 percent of its $80.4mn start-up capital at the 1 January renewals, just weeks after launch
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Capital continued to flow into the convergence sector in 2010, as a benign natural catastrophe loss environment and evidence of non-correlation with the broader financial markets caught the attention of both institutional and retail investors.
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Newly minted Bermuda-domiciled catastrophe fund Catco has raised $80mn through an initial public offering (IPO) on the London Stock Exchange.
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Capacity in Credit Suisse Asset Management's (CSAM) IRIS insurance-linked funds has hit $3bn and continues to rise, Trading Risk can reveal.
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Hedge fund manager DE Shaw's Class 3 Bermudian reinsurer is operating with impaired capacity for the 1 January collateralised renewal season as investor redemptions take their toll on assets under management, Trading Risk understands.
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Swiss banks Clariden Leu and Falcon Private Bank have launched UCITS III cat bond funds, hoping to raise $200mn and up to $500mn respectively, Trading Risk can reveal.
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Insurance-linked fund managers are waiting on tenderhooks to discover the initial capital amounts that will be deployed in the convergence market by a number of institutional investors over the coming months.
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Leading Swiss cat bond investment manager Clariden Leu has re-opened its flagship cat bond fund to new investments following strong ILS issuance in the second half of the year.
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Two hedge fund-backed property and casualty (P&C) start-ups are close to defying the soft market by looking to launch later this year, according to (re)insurance entrepreneur Don Kramer.
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Scor has become the latest (re)insurer to set up its own insurance-linked investment fund, setting aside $100mn of seed capital for a dedicated fund that will be known as Atropos.
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Swiss-based Plenum Investments has started investing through its new $5mn Cat Bond Fund.
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French reinsurer Scor will provide $100mn of seed capital for a dedicated insurance-linked investment fund, Atropos, Trading Risk can reveal.
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The traditional markets have started to woo energy companies into (re)insuring their liability exposures, with Munich Re announcing it had committed $2bn to a proposed industry offering.
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ILS fund manager Secquaero Advisors has signed a deal with Australian boutique advisor Plus Capital to market its funds, joining the line-up of ILS managers keen to take advantage of the sophisticated institutional investment scene in Australia.
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Leading ILS investor Clariden Leu has hired a portfolio manager with a view to expanding its strategy in the area of life insurance-linked investments, Trading Risk can reveal.
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US hedge fund manager Horton Point is marketing a dedicated ILS fund to investors as it rethinks its multi-strategy offerings in the wake of the credit crisis.
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Leading ILS investor Clariden Leu has closed a groundbreaking ILS transaction, using the securitisation power of its Swiss bank franchise to transform insurance risk into much-needed investments for its flagship Cat Bond Fund, Trading Risk can reveal.
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Start-up insurance-linked investment firm Elementum Advisors LLC has won a second major mandate with its appointment by "one of the largest North American pension plans".
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Swiss independent asset manager Horizon 21 is exiting the ILS market as part of a wider restructuring of the firm, Trading Risk understands.
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Leading Swiss cat bond investment manager Clariden Leu has closed its flagship cat bond fund to new investments, as capital inflow outsripped cat bond issuance in the first half of the year.
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The first day of trading for Bermudian-headquartered (re)insurer Catlin’s listed Long Bay Re sidecar has been delayed to 4 June.
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Diversifying perils may not be the key to a happier, healthier ILS market, according to investors, amid a surprising amount of debate within the investor community on the importance of diversifying the risk ceded into the capital markets.
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The introduction of the Solvency II regulatory regime will open the longevity swaps market in Europe, according to a panel of industry participants at the second Insurance-Linked Securities Summit in London this week.
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Lobbyists for financial firms are attempting to water down language in the Volcker proposal, which would ban proprietary trading at US banks.
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Mercer's multi-manager funds are partnering with Credit Suisse to offer an ILS investment strategy as part of an Australian-domiciled unit trust for wholesale investors.
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Convergence rainmakers focused on new growth areas at the 2010 SIFMA conference last month...
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Heavy Q1 losses and dwindling reserves have spooked insurers over capital adequacy. Investors consider buying hybrid debt...
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Swiss Re has priced three of the original four tranches of its latest Successor cat bond, offering the reinsurer $120mn of multi peril cover over three years at less than original price guidance, Trading Risk can reveal.
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Bermudian ILS investment manager Nephila Capital sourced investment totalling $340mn from UK pension funds in the second half of 2009.
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Securis Investment Partners has agreed that JP Morgan will market its flagship Securis 1 fund.
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UK regulator the Financial Services Authority (FSA) delivered a stern warning to the life settlements market about mis-selling risks to retail investors, while the American Council of Life Insurers (ACLI) has called for a ban on life settlement securitisation - raising concerns about the industry's growth and development.
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The Royal Bank of Scotland (RBS) and US broker-dealer Guggenheim Securities are both planning to launch transformer vehicles in Bermuda.
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The Financial Services Authority (FSA) has voiced "significant concerns" about how life settlements products are sold to retail investors saying that the investment risk to consumers is "often downplayed", according to Peter Smith, head of investment in the UK regulator's policy department.
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Strong 2009 performances and financial markets stabilisation have funnelled additional capacity into the convergence sector, with Axa and Q Re deploying new funds at the start of 2010.
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Cat bond holders noted strong price increases in January, with an increasing number realising gains by selling at above market price, according to sources.
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With more bad news emerging from the insurance-linked derivative sector this month, one could be forgiven for reaching for the quill and penning the obituary of exchange-traded (re)insurance risk.
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Andreas Kusay, ex-Manulife executive and mooted head of Equinox – the proposed $100mn+ collateralised retro vehicle – has joined cat futures trading platform IFEX as a consultant to promote its event-linked futures (ELFs).
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Newly-launched insurance-linked investment firm Elementum Advisors LLC has attracted $125mn of fresh capital to the sector from a New Zealand pension fund.
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German reinsurer Hannover Re has expanded its K6 sidecar vehicle by $152mn, to offer $329mn of total capacity for Hannover Re’s catastrophe retro business in 2010.
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ILS Value Advisors portfolio manager Samuel Scherling will launch $25mn Red Vega ILS fund as part of Partners Group spin-off investment manager, Alternative Beta Partners (ABP), Trading Risk can reveal.
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AXA Investment Managers (IM) has launched its first public catastrophe fund, the $100mn Gaia, underlining investor interest in insurance-linked assets.
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Aon Benfield-backed catastrophe investment manager Juniperus Capital Ltd (JCL) has secured a $30-40mn equity investment from Japanese conglomerate Itochu Corporation of Tokyo - a move that will boost marketing efforts in Asia.
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Longevity specialist Centurion Fund Managers has formally launched its fourth open-ended longevity fund - and the first in the market to combine macro and micro longevity, according to the firm.
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The ILS team at Swiss fund manager Partners Group is leaving the firm to launch a new investment management company.
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Rating agency Standard & Poor's (S&P) has affirmed it's A+ credit rating on RenaissanceRe affiliate, property catastrophe reinsurer DaVinci Re, with a stable outlook.
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A lack of Lloyd's Names support has led Munich Re to withdraw its sidecar vehicle Special Purpose Syndicate (SPS) 6108, which was slated to write a quota share of new Syndicate 2318, Trading Risk understands.
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Bank of America tests market for new Barbadian collateralised retro venture
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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.
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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.
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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.
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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.
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The four cat bonds to close in recent weeks were all upsized, but investors' participation was still heavily marked down...
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The resilient performance of catastrophe bonds has enabled Amlin's ILS fund manager, Leadenhall Capital Partners, to post an 11.5 percent return on its portfolio this year.
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A desire by investors for transparency and greater regulatory oversight following last year's Bernard Madoff fraud is causing more European hedge funds to head onshore, according to research by HedgeFund Intelligence.
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Secondary trading accelerated towards the end of September, as ILS investors realigned their cat bond holdings in anticipation of $2.5bn of new issuance in the coming months. “Investors are tra
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Hedge fund participation in 2009 ILS transactions has increased more than four-fold since 2008, although their slice of the overall pie has shrunk by more than half since 2007, according to industry
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Former RBS executives Henry Kus and Bjorn Schmolck have launched dedicated ILS vehicle Traymar Capital Ltd and are understood to be in negotiation with potential capital providers to start a series o
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Deutsche Bank’s mooted Evergreen vehicle – which aims to transfer $1bn of (re)insurance risk to the capital markets – will target equity investors in a bid to create more liquidity
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Leading ILS investor Clariden Leu is seeking to use the securitisation power of its Swiss bank franchise to transform insurance risk into much-needed investments for its flagship Cat Bond Fund. The $
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Bermudian mutual insurer Oil Casualty Insurance Co (OCIL) has repurchased $7,012,000 of the Class B notes of Avalon Re – its loss-stricken 2005 excess liability cat bond. The tender offer to no
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London-based ILS investment manager Securis Investment Partners has hired former Swiss Re trader Al Selius to start a New York office. Selius will be based in New York and will join the non-life orig
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Deutsche Bank is developing a highly liquid, highly transparent insurance-linked instrument which would provide mainstream investors with an alternative to cat bonds, Trading Risk understands. The ta
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Hannover Re has continued its pioneering legacy with the launch of the $60mn sidecar-style vehicle Fac Pool Re – the first dedicated, securitised facility created for facultative exposures. Han
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London-based ILS investment manager Securis Investment Partners has hired former Swiss Re trader Al Selius to start a New York office, Trading Risk can reveal. Selius will be based in New York and wi
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Bermudian mutual insurer Oil Casualty Insurance Co (OCIL) has repurchased $7,012,000 of the Class B notes of Avalon Re – its loss-stricken 2005 excess liability cat bond. The tender offer to n
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Oil Casualty Insurance Co (OCIL) has extended to 4 September the deadline for its tender offer to repurchase up to $50mn of the Class B notes on its Avalon Re cat bond, Trading Risk can reveal. In Au
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The two cat bonds to come to market in July both increased in size significantly during the marketing phase, evincing a strong demand from investors for new ILS issuance. North Carolina’s state
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Reinsurer SCOR has settled its long-running dispute with Highfields Capital Management, the former main minority shareholder in its 2001 sidecar vehicle Irish Reinsurance Partners (IRP) Holdings Limi
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Hannover Re’s European windstorm catastrophe bond, Eurus II, upsized today to EUR150mn, with indicative pricing in the low end of the range at EURIBOR plus 675 basis points. Pricing is expected
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Convergence pioneer Nephila Capital raised an additional $800mn in the second quarter of this year for its insurance-linked investment funds, evincing a strong demand for non-correlated assets. Nephi
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Former Magnetar Capital portfolio manager Pete Vloedman is launching his own insurance-linked investment vehicle, Anchor Risk Advisors LLC, Trading Risk can reveal. Vloedman left alternative asset ma
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The reinsurance and risk-linked investments team (RLI) at alternative asset manager Stark Investments is spinning out of the mothership in a management buy-out, led by portfolio managers Tony Rettino
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Global broker Aon Benfield has suspended its fundraising efforts for Aon’s investment management firm Global Insurance Strategies LLC (GIS), as it concentrates on Benfield-backed cat fund manag
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Nephila Capital has secured a new $35mn investment mandate from specialist fund manager AMP Capital Investors, further widening the audience for trading (re)insurance risk in the mainstream capital m