March 2015/1

Prudential Retirement has named Scott Kaplan as head of the pension risk transfer business team

Cooper Gay Swett & Crawford has hired William Ludington as executive vice president for carrier management and alternative markets

When the Gator Re cat bond almost triggered last year it surprised more than a few in the market

On 22 September 2014, the US Treasury and the Internal Revenue Service (IRS) gave notice that they intend to issue new regulations that would limit certain tax benefits many US corporations claimed were available from transactions in which they "inverted" or were taken over by a non-US corporation

Swiss Re P&C cessions fall; Heritage prepares for renewal; Hannover Re cedes EUR133mn; Blue Capital returns 8.8%; Sandell Re joins MultiStrat; First Canadian longevity deal...  

Panellists at the Sifma IRLS 2015 conference in New York this month were relatively bullish on the outlook for new hedge fund reinsurance start-ups, as former Lancashire founder Richard Brindle launched fundraising for his new vehicle shortly after the event.

Top-line expansion for short-tail specialists slowed in 2014 as softening market conditions dampened growth opportunities, particularly in property cat.

Japanese mutual insurer Zenkyoren expects to obtain a 15 percent rate reduction on its massive catastrophe reinsurance programme at 1 April, as it is set to add a new 150bn yen ($1.24bn) top layer, sources told sister publication The Insurance Insider

ILS relative value waning; Evanston invests with Nephila; Investor rotation in listed ILS funds; Allied lifts Aeolus writings

Multi-strategy hedge funds using borrowing facilities have been helping to drive the growth in large cat bond transactions and influencing the tight pricing conditions, Blue Capital COO Dan Brookman said at the 2015 Sifma ILS conference.

The indemnity retro market is expected to supply about $12bn-$12.5bn of limit in 2015, which would be about $1bn higher than last year, market sources said

JLT targets corporate ILS opportunities; HCC plans weather growth

Catlin's new Galileo Re bond is already trading above par on the secondary market just weeks after its issuance.

Ace stands to earn lucrative fees from its new joint venture with BlackRock, ABR Re, according to a marketing presentation obtained by sister publication The Insurance Insider

The value of annual cat bond trading on the secondary market has more than doubled in the past four years, from $1.7bn in 2010 to $4.2bn last year, fund manager Elementum Advisors estimated.

Kane's segregated accounts company has issued a $50.2mn private cat bond, according to a listings announcement on the Bermuda Stock Exchange.

Cat bond issuance increased in tempo during March, as several low-yielding deals were brought to market.

Fermat co-founder John Seo said that the private market could take on US flood risk more efficiently than even a zero-profit government scheme such as the National Flood Insurance Program (NFIP)

Allstate has launched a seven-year Sanders Re transaction that would have one of the longest durations of any nat cat bond, Trading Risk understands.

The World Bank is currently working on a new $350mn earthquake and wind transaction with an emerging market government, according to vice president and treasurer Madelyn Antoncic.

Flexibility is a bit of a double-edged adjective to apply to underwriters in a softening market.

Further broking facilities targeting alternative market partners are expected to emerge following the recently announced Nephila-Amwins arrangement.

The Gator Re cat bond looks set to avoid a loss from 2014 storm activity, as the sponsor's aggregate estimated claims for the year remained below the $150mn trigger level, Trading Risk understands.