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June 2013/1

  • The handful of nationwide US cat renewals outside Florida that renew in the mid-year are thought to have priced down by 7-15 percent, according to sister publication The Insurance Insider.
  • Florida Citizens Property Insurance was a stand-out example of the alternative reinsurance market lifting its market share at the 1 June renewals, as hedge fund-backed reinsurer DE Shaw and Bermudian fund manager Nephila Capital put down significant lines of capacity on the state insurer's traditional reinsurance programme.
  • Reinsurance quoting activity stabilised in Florida at the 1 June renewal after much more volatile pricing conditions in 2012 and 2011.
  • Reinsurance buyers continued to look for greater aggregate or sideways cover at the mid-year renewals - a trend that works to the strengths of capital market reinsurers as they continue to lift their market share.
  • Axis Re CEO Jay Nichols has set up two new convergence market units within the space of a week, in a move long expected from the former RenaissanceRe Ventures executive.
  • Sidecar fees remain above the standard rate for ILS fund managers but are also coming under pressure in a softening property catastrophe market, Trading Risk understands.
  • Forecasters are predicting that the 2013 Atlantic hurricane season, which opened on 1 June, will see above-average activity.
  • PCS has left its file on Hurricane Sandy open after reconfirming its loss estimate at $18.75bn, going against its normal policy of closing off the survey process once it has produced two consecutive stable loss estimates for a disaster.
  • Steven Cohen's hedge fund SAC Capital could face investor withdrawals of up to $3.5bn, or more than half the $6.75bn third-party capital it manages, according to reports.
  • Axis founder John Charman says he wants to bring third-party capital "inside the business structure" at Bermudian (re)insurer Endurance after taking up the CEO role this month.
  • Don Kramer has changed tack with his start-up fund manager ILS Capital Management and will now target the niche marine sector after hiring former Ariel Re underwriter Brian Gulbransen as chief underwriter of specialty reinsurance.
  • Dexion Capital's closed-ended ILS fund DCG Iris has raised £9.3mn from its third share placement to reach a total size of £60.28mn.
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