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March 2010/1

  • Ratings agency Standard & Poor's (S&P) has allocated a preliminary rating of BB+ to State Farm's Merna Re II transaction, Trading Risk understands.
  • Swiss Re has priced three of the original four tranches of its latest Successor cat bond, offering the reinsurer $120mn of multi peril cover over three years at less than original price guidance, Trading Risk can reveal.
  • State Farm is in the final stages of a $400mn-$700mn cat bond issuance that would partially replace the soon-to-mature Merna Re transaction, Trading Risk understands.
  • Ulrich Wallin, CEO of Hannover Re has predicted that the longevity risk transfer market will be key to growth for property and casualty reinsurers.
  • Beefed up capital requirements due to come in with Solvency II will make the insurance industry less not more stable according to European insurance and reinsurance trade body, the CEA.
  • Bermudian ILS investment manager Nephila Capital sourced investment totalling $340mn from UK pension funds in the second half of 2009.
  • Munich Re, Swiss Re and Hannover Re have estimated combined losses of more than EUR1bn from the Chilean earthquake and windstorm Xynthia that struck on 27 and 28 February.
  • The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has formed a partnership with the UN Economic Commission for Latin America and the Caribbean (UNECLAC) to coordinate disaster reporting to the area's governments.
  • Securis Investment Partners has agreed that JP Morgan will market its flagship Securis 1 fund.
  • US weather speciality insurer Vortex Insurance Agency has launched a parametric drought insurance product for US agricultural firms.
  • Full-year results to date for 2009 show a year of solid recovery for the (re)insurance industry, with strong underwriting performance and a return to profit.
  • UK regulator the Financial Services Authority (FSA) delivered a stern warning to the life settlements market about mis-selling risks to retail investors, while the American Council of Life Insurers (ACLI) has called for a ban on life settlement securitisation - raising concerns about the industry's growth and development.
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