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July 2008/1

  • Swiss Re successfully closed its $150mn Vega Capital Ltd collateralised risk obligation (CRO) transaction in June, partly replacing the $839mn of its various Successor bonds, according to sources clo
  • First-time issuers Nationwide Mutual Insurance Co (Caelus Re), HomeWise Insurance Co (Mangrove) and Flagstone Re (Valais Re) transferred $614mn of (re) insurance risk into the capital markets in May
  • Hannover Re’s new dedicated insurance linked securities (ILS) team has closed $133mn Globe Re – choosing an innovative deal as its first since launching in January. Globe consists of a pr
  • A number of maturing cat bonds in June have released capacity for investors, tempering trading in the secondary market during the recent rush of new cat bond issuance. Secondary trading of cat bonds
  • The insurance linked securities (ILS) sector is a rare jewel that stands out from the credit market turmoil, according to market leaders speaking at Trading Risk’s inaugural Executive Briefing
  • Christopher McGhee, former head of Guy Carpenter & Co’s specialist investment banking arm GC Securities Ltd, has formed an insurance-focused banking advisory firm. McGhee has partnered with New
  • The much-anticipated launch of a comprehensive, stand-alone European windstorm loss index has been delayed until at least “the beginning of 2009” after failing to gain sufficient commitme
  • Deutsche Bank is marketing a new trigger mechanism for insurance linked securities (ILS), with a $120mn Florida-only wind bond as the first transaction, Trading Risk can reveal. The LAZR transaction
  • Investment vehicle Juniperus Insurance Opportunity Fund (JIOF) made its first investment in Hannover Re’s sidecar Globe Re, last month. The newly launched fund, which will invest in traded (re)
  • Risk modelling firm Risk Management Solutions (RMS) aims to boost investment in the insurance linked securities (ILS) market with an electronic ILS portfolio management platform. Aimed at “maki
  • Rating agency Standard & Poor’s (S&P) has lowered its senior debt rating on the Class A-1 notes of beleaugured Scottish Re’s Ballantyne Re life securitisation. S&P lowered the XXX reserve
  • Pricing and trading in the industry loss warranty (ILW) market has boomed following mooted changes in the Florida state’s cat fund in recent months. It is understood that the cat fund and the s