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January 2016/1

  • Sidecar returns remained in the mid-to-high teens on an annualised basis in 2015, although softening was still apparent.
  • The January reinsurance renewals saw diverging outcomes for the US and non-US markets, as Guy Carpenter's global property catastrophe rate-on-line index fell 8.8 percent from a year earlier.
  • The industry loss warranty (ILW) market witnessed rate reductions of about 5 percent in the January renewals, Guy Carpenter said in a client report obtained by Trading Risk.
  • Two major European reinsurance buyers purchased more limit at the January renewals, sister publication The Insurance Insider reported.
  • The retrocession market registered a significant softening of terms and conditions in the January renewals as specialty lines of business were increasingly covered alongside property catastrophe risk.
  • Mortgage credit expansion; Perils releases Desmond estimates; Australian cats cost A$458mn; Twelve backs Eurovita debt raise; Fermat diversifies; Cat losses in 2015; £20bn longevity forecast
  • Bermudian fund manager Aeolus is working with advisers as it considers bringing in new investors in early 2016, sources told Trading Risk.
  • Brit and Aspen have confirmed that they expanded their sidecar vehicles in the January renewals.
  • Two ILS fund managers are supporting new Lloyd's syndicate Probitas 1492, which has a focus on writing Latin American business.
  • 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.
  • The $57mn Resilience Re bond, completed on Willis Capital Markets & Advisory's private bond platform in December, was linked to collateralised reinsurance participation on the California Earthquake Authority (CEA) reinsurance programme, sources told Trading Risk.
  • Gross catastrophe bond yields ended 2015 up almost 10 percent from December 2014, according to RMS data.