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March 2009/1

  • Hannover Re has finally closed its $200mn sidecar, Kepler Re, three months ahead of its scheduled maturity, after shelving the renewal of the vehicle earlier this year due to market conditions. Hanno
  • (Re)insurance broker Willis Group has developed a parametric index for offshore Gulf of Mexico (GOM) energy exposures, which it hopes will help halt the shrinking of the pool of capacity for the peri
  • The closure of SCOR’s $200mn Atlas V cat bond in February marked the end of an issuance drought, opening the pipeline for two more deals that closed in early March. Atlas V – which provi
  • The lead managers on SCOR’s $200mn Atlas V cat bond noted a shift in investor attitudes during the six-month gestation of the first deal to close in 2009. Erik Manning, of structuring agent and
  • Cat bond structurers are exploring alternative European jurisdictions for special purpose reinsurance vehicle (SPRV) incorporation, after the Irish regulator forced two re-writes of the Atlas V trans
  • PERILS – the Swiss firm established to develop the much-anticipated European industry loss index – is targeting medium-sized and regional insurers in order to gather sufficient market dat
  • Berkshire Hathaway’s (BH) appetite for catastrophe reinsurance has been blunted and the company will sell less in 2009 in order to protect its capital cushion, according to chairman Warren Buff
  • Contingent capital, pre-event bond issuance and private reinsurance products are emerging as the favoured solutions for funding the Florida Hurricane Catastrophe Fund’s (FHCF) potential $21bn c
  • Liberty Mutual has completed its third Mystic Re series cat bond – a $225mn US wind and quake transaction – taking 2009 insurance-linked securities (ILS) issuance to $575mn. The size of t
  • US insurer Chubb completed its $150mn East Lane Re III Florida wind indemnity cat bond earlier this month, demonstrating that the insurance-linked securities (ILS) market is open once again. Goldman
  • Ratings agencies Standard & Poor’s (S&P), AM Best and Moody’s have trimmed the ratings of troubled reinsurance giant Swiss Re on the back of its abysmal 2008 results. AM Best downgraded S
  • Ratings agency Standard & Poor’s (S&P) has posted a negative outlook on State Farm and RenRe’s $100mn joint venture sidecar-style transaction Top Layer Re, on the back of a recent action
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