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July 2012/1

  • As Hurricane Isaac bears down on Louisiana, interest in livecat trading has focused on the state insurer's $125mn Pelican Re cat bond, however trading activity has been far lower than during last year's Hurricane Irene when Johnston Re was in the line of the storm, Trading Risk understands.
  • Tropical storm Isaac has been upgraded to hurricane strength as it approaches New Orleans in what will be the city's first test of its rebuilt flood defences since Hurricane Katrina.
  • The capital markets are providing an increasingly viable alternative to traditional reinsurance but falling property cat rates may see demand fall next year, according to Fitch Ratings.
  • Hannover Re is aiming to renew its European windstorm bond Eurus, according to a pre-sale note from Standard & Poor's
  • Hurricane Isaac is on track to be the first US landfalling hurricane of 2012, and is drawing parallels with the Hurricane Katrina disaster of 2005 as it heads towards New Orleans
  • Chicago-based ILS fund manager Elementum Advisors has signed up two executives to new roles which the firm says will significantly strengthen the depth of its legal and operational infrastructure.
  • Florida state insurer Citizens Property Insurance estimates that it saved nearly $50mn and gained "staggering" benefits on its 2012 reinsurance spend as it came out fighting to defend its spending on travel.
  • Third Point Re hopes to launch its planned property cat sidecar ahead of the 1 January renewals next year as it prepares to seek third party capital for the off-balance sheet vehicle, sister publication The Insurance Insider reported today.
  • London-listed collateralised retrocessionaire Catco has reported a 5.3 percent increase in net asset value to $357.9mn for the first half of the year as investment gains on its 2012 portfolio offset loss creep from 2011 catastrophes.
  • The $50mn unrated class C tranche of multi-peril cat bond Combine Re has not been triggered by cedant Country Mutual Insurance Company's US thunderstorm losses, sources have confirmed.
  • Retrocession underwriter Bryan Bumsted has joined Bermudian start-up Third Point Re to drive underwriting at the reinsurer's property catastrophe unit, which is expected to write business off balance sheet
  • The National Oceanic and Atmospheric Administration (NOAA) has raised its prediction for 2012 storms despite the expected transition to El Niño weather patterns, which tend to lower hurricane activity