January 2011/1
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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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Investment bank JPMorgan has closed the first-ever longevity hedge to cover a pension fund for pre-retirement members.
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Swiss Re has opened the ILS scoreboard in 2011 with a new issuance of notes under its Successor X shelf facility.
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Magnetar Capital's Bermudian reinsurance company, Pulsar Re, has sued Lehman Brothers to recover $450mn pledged as collateral against insurance-linked deals.
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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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Swiss Re has called for more public-private initiatives to offer pre-event funding for developing countries faced with a natural disaster.
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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.
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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.
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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.
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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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Insurance-linked derivatives remain marginal but effective hedging tools
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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.
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2010 wasn't the stereotypical "game of two halves" for the ILS market - it was all about two lightning-paced quarters that racked up sales figures, putting the market in a solid position to challenge the peaks of 2006/07 in the year ahead.
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2011 cat bond maturities: At $3.7bn, it's not a trickle, but the flood of maturing bonds ebbs in 2011.
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Major insurance-linked investor Credit Suisse Asset Management (CSAM) has withdrawn more than $400mn of industry loss warranty (ILW) capacity as pricing falls, Trading Risk can reveal.
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The Swiss Re all cat bond price return index has fallen for the fourth consecutive week, closing at 97.73 on 7 January.
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$20mn of notes in three new cat bonds traded shortly after launch, as investors scrambled to acquire sought-after diversifying risk, Trading Risk can reveal.
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Scor files Atropos fund docs; Aviva joins LLMA; Alternative providers enter US life reinsurance market
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There is growing pressure on reinsurers with exposure to September's New Zealand earthquake as the number of markets disclosing deteriorating loss estimates increases.
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A healthy market in private (A)XXX US life reserve securitisations should emerge into the public limelight next year as the life securitisation market continues to recover, Swiss Re says.
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Newly minted Bermuda-domiciled catastrophe fund Catco has raised $80mn through an initial public offering on the London Stock Exchange.
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December's ILS brought a cornucopia of perils, structures, territories and collateral mechanisms to the market.
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All three major reinsurance brokers reported a continued fall in property catastrophe reinsurance rates at the 1 January renewals, portending further price reductions for insurance-linked capital markets.
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Catastrophe risk modeller Risk Management Solutions (RMS)' revised US hurricane model, set to be launched next month, is expected to significantly increase loss estimates for property catastrophe insurers.
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