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January 2011/1

  • 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.
  • Investment bank JPMorgan has closed the first-ever longevity hedge to cover a pension fund for pre-retirement members.
  • Swiss Re has opened the ILS scoreboard in 2011 with a new issuance of notes under its Successor X shelf facility.
  • Magnetar Capital's Bermudian reinsurance company, Pulsar Re, has sued Lehman Brothers to recover $450mn pledged as collateral against insurance-linked deals.
  • Swiss investment manager Secquaero Advisors plans to launch a new Luxembourg ILS fund under its UCITS III-compliant platform set up by Decision Analytics.
  • Swiss Re has called for more public-private initiatives to offer pre-event funding for developing countries faced with a natural disaster.
  • Investors in Hannover Re's $329mn catastrophe retro vehicle, K6, are set to pay around EUR50mn in losses arising from Australia's recent flooding, Trading Risk has learned.
  • US life insurer ING has transferred $615mn of redundant reserves to Credit Suisse in a year-end transaction, taking the tally for private triple-X reserve transfers to the capital markets in 2010 to $7bn.
  • Bermuda-headquartered Catlin Group's 2008 cat bond, Newton Re 2008-1, has defaulted on its final payment, prompting ratings agency AM Best to downgrade and withdraw its ratings on the Class A notes.
  • 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.
  • Insurance-linked derivatives remain marginal but effective hedging tools
  • On the surface, there was nothing to suggest that 2010 changed anything for the life ILS market, which was brought to a skidding halt by the financial crisis.