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January 2009/2

  • Ratings agency Standard & Poor’s withdrew its ratings on $105mn of loans to XL Capital’s sidecar vehicle Cyrus Reinsurance II Ltd.   The three loans were repaid in full, signalling the di
  • Convergence stalwart Hannover Re has successfully completed a EUR100mn embedded value life transaction, proving that the foundering life securitisation market still has a pulse.   Hannover continued
  • Hannover Re has postponed the renewal of its $200mn Kepler Re sidecar-style vehicle and is only “about 50 percent” placed on its slimmed-down Kaith Re K6 sidecar, as the credit crunch con
  • The launch of retro investment vehicle Norton Re III has been delayed, evincing further strain on capacity in the retro market, Trading Risk can reveal.   Dane Douetil, CEO of UK (re)insurer and lead
  • Henry Kus, head of structured insurance products trading at RBS, and Douglas Elliott, managing director of insurance solutions at JPMorgan have left their respective firms, Trading Risk can reveal.
  • Ratings agency Standard & Poor’s (S&P) further downgraded tranches of Scottish Re’s life securitisation Ballantyne Re as the vehicle failed to make its January interest payment to notehol
  • Libero Ventures, the capital markets convergence firm formed in late 2007, has acquired the shareholding previously owned by Lehman Brothers from PricewaterhouseCoopers, the administrators of the fai
  • BNP Paribas and Deutsche Bank are marketing a $200mn US wind and quake cat bond for French reinsurer SCOR, Trading Risk can reveal.   If successful, Atlas V – the first cat bond to be marketed
  • Brit Insurance Holdings has decided to continue to sponsor Fremantle, its $200mn multi-peril cat bond, until maturity as the transaction faces potential exposure to losses from Hurricane Ike.   Brit
  • The acquisition of New Castle Re renewal rights by start-up Torus Insurance Holdings (Bermuda) Ltd signals the continued withdrawal of Citadel Investment Group from the Bermudian reinsurance market a