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July 2010/1

  • The fifth named storm of the 2010 North Atlantic hurricane season strengthened to a category 4 hurricane overnight (30 August) as it tracks northwest past Puerto Rico.
  • Leading ILS investor Clariden Leu has hired a portfolio manager with a view to expanding its strategy in the area of life insurance-linked investments, Trading Risk can reveal.
  • US hedge fund manager Horton Point is marketing a dedicated ILS fund to investors as it rethinks its multi-strategy offerings in the wake of the credit crisis.
  • Leading ILS investor Clariden Leu has closed a groundbreaking ILS transaction, using the securitisation power of its Swiss bank franchise to transform insurance risk into much-needed investments for its flagship Cat Bond Fund, Trading Risk can reveal.
  • Trade body the Life and Longevity Markets Association (LLMA) is getting closer to its goal of releasing a standard index to help boost trading in the nascent longevity risk market, as it publishes a draft framework on building such indices.
  • Catastrophe bond sales will quickly regain the $7bn peaks reached in 2007 with more frequent and larger deals as financial markets stabilise, predicts the annual ILS report from broker Aon Benfield Securities.
  • Current market conditions are ripe for another large British pension scheme to transfer risk via a DIY buy-in over the summer, Hymans Robertson liability management specialist James Mullins says.
  • Total capital invested in the catastrophe bond market has dropped by $693mn since the end of last year despite a bumper second quarter for new issuance, according to Guy Carpenter figures.
  • Buyers of lower trigger level marine industry loss warranties (ILWs) are struggling to find affordable cover as sellers effectively take the contracts off the counter in the wake of Deepwater Horizon, Trading Risk can reveal.
  • Secondary market cat bond pricing has increased by 0.2 percent in the week to 16 July, showing weak signs of recovery after a mammoth eight-week slide which saw valuations fall more than 2 percent.
  • Cat derivatives trader Jeremy Crowch has left Evolution Markets to join independent London broker Miller Insurance Services, Trading Risk understands.
  • Pension funds are continuing to diversify their range of alternative asset investments, with a total of $817bn invested in the class during 2009 through funds of funds, according to research from Towers Watson and the Financial Times.