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March 2013/1

  • Dion Williams from law firm Taylor Wessing explores some of the issues investors in the latest generation of sidecars should be aware of
  • KKR: Nephila can scale up; Blue Water dealing; Amlin makesreinsurance savings
  • Hannover Re recovered EUR163mn from its retrocession providers in 2012 to assist in paying claims from Hurricane Sandy and the Costa Concordia sinking, which helped its non-life division to lift annual operating profit by 43 percent to EUR858mn
  • The ILS market needs to make a "paradigm shift" rather than pursue the goal of "convergence" in order to see significant growth, Liberty Mutual's global reinsurance senior vice president James Slaughter said in a panel at the Sifma ILS conference held in New York earlier this month.
  • Reinsurers are likely to pursue third party capital structures with longer-term horizons such as cat funds or permanent sidecars in 2013, while the number of temporary, opportunistic sidecars looks set to diminish, a panel of experts agreed at the annual Sifma ILS conference.
  • The small size of the alternative reinsurance sector may constrain the pace of its growth but there is still room for it to expand by 30-40 percent, according to Goldman Sachs managing director Shiv Kumar
  • At the time of writing, Mississippi's insurer of last resort was on the verge of finalising its reinsurance programme for the 2013 North Atlantic hurricane season.
  • The future of the Texas Windstorm Insurance Association (TWIA) is looking increasingly uncertain as the US residual insurance market heads toward the reinsurance renewal season.
  • RenaissanceRe CEO Neill Currie said the company is likely to do more "transformer" business where it acts as an intermediary for third-party capital and protection buyers
  • Willis has begun marketing a new retro product that is designed to edge index products closer to their indemnity counterparts, Trading Risk revealed earlier this month
  • The strength of investor interest in the (re)insurance sector is expected to keep spreads tight as ILS prices remained strong on the secondary market throughout March
  • State insurance pool buyers say that one of the key benefits of working with capital market reinsurers is the competition that it creates with traditional suppliers.
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