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January 2013/1

  • Segregated accounts companies (SACs) and special purpose insurers (SPIs) have been a considerable boon to Bermuda's insurance industry, but are they being used to their full potential? Appleby's Tim Faries and Brad Adderley look at the options
  • US property catastrophe pricing was roughly flat at 1 January as the recent losses from Sandy and ample capacity pulled the market in different directions, according to reinsurance brokers Guy Carpenter and Willis
  • 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
  • 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
  • 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
  • Eskatos combines funds for scale; DCG Iris adds £11mn; Catco raises 2013 target
  • Several top ILS fund managers have lifted their assets under management (AuM) by considerable sums over the past year
  • 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
  • Average premiums in the ILS and ILW market inched up 2 percent in the fourth quarter but ended the year down 17 percent from their end-March 2012 peak, according to estimates from broker dealer Lane Financial
  • Strong demand for bonds on the secondary market has outpaced supply after lower-than-expected new issuance in the fourth quarter and first weeks of January
  • The ILS market is already underway for 2013 with two cat bonds set to close in the first few weeks
  • Retro rates were largely flat at 1 January as new collateralised capacity continued to support the market, participants reported after the property catastrophe renewals
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