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June 2014/1

  • The first two cat bonds to come to market after the hurricane season opened provided an indication of continued pressure on spreads.
  • Can the Sharpe ratio be applied to ILS?
  • The US Commodity Futures Trading Commission (CFTC) issued a letter last month that suggests that directors of catastrophe bond issuers may have to seek no-action relief from the CFTC from registration as commodity pool operators (CPOs).
  • As the property cat reinsurance market continues to soften, many state-backed US insurance pools are significantly expanding their levels of cover.
  • Caelus Re sponsor Nationwide has successfully placed a four-year tranche of cover on its traditional reinsurance programme, highlighting the trend for carriers to provide multi-year placements, sister publication The Insurance Insider has revealed.
  • This year's Florida renewals were characterised by a significantly wider range of quoting behaviour than in 2013, brokers said.
  • Universal retains more risk; RenRe partly places Florida retro; Heritage takes on Sunshine policies
  • Bermudian reinsurers have taken advantage of falling rates and ceded a significantly higher proportion of their business to retro writers in the first quarter of 2014, according to analysis from sister publication Inside Data.
  • In this special project, Trading Risk worked with modelling agencies to highlight the range of expected loss outcomes from cascading annual aggregate cat bonds.
  • The Coca-Cola Company's pension fund has a 5 percent allocation to the ILS sector spread across two mandates, including London-based ILS fund manager Securis Investment Partners.
  • US insurer Travelers is being considered as a potential strategic partner for the proposed Bermudian start-up reinsurer Golub Capital Re as it continues to work toward a targeted summer launch.
  • The price of the $500mn Tar Heel 2013-1 cat bond has fallen faster than the rest of the market in recent months, pricing sheets obtained by Trading Risk show.