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May 2010/1

  • Experienced underwriter Darren Redhead is set to leave Bermuda-based hedge fund-backed property catastrophe reinsurer, DE Shaw, after three years at the firm.
  • Leading Swiss cat bond investment manager Clariden Leu has closed its flagship cat bond fund to new investments, as capital inflow outsripped cat bond issuance in the first half of the year.
  • Munich Re has launched a $100mn+ cat bond on behalf of the Massachusetts state-sponsored windstorm insurance pool in a deal which is expected to close on 1 July.
  • Ex-Tradition Re brokers Patrick Gonneli and Stephen Breen have brokered $10mn of CME Hurricane Index (CHI) cat options in their first trade at new employer, TigerRisk.
  • The Massachussetts state-sponsored windstorm insurance pool is understood to be close to launching a cat bond, in a move believed to be inspired by recent deals from North Carolina, Trading Risk can reveal.
  • Investors in the lowest tranche of Oil Casualty Insurance Ltd’s (OCIL) Avalon Re excess liability cat bond will pay a loss of $13mn as the bond defaulted at its final maturity date today (7 June).
  • Swiss Re has issued another $50mn of notes under the long-running Vita Capital series of transactions in the first transfer of extreme mortality exposure since November last year.
  • Climate Exchange plc, the parent company of the IFEX cat futures trading platform is being sold to the InterContinental Exchange (ICE), in a £395mn deal which will be effective in early July this year.
  • ILS veteran USAA has closed its latest $400mn Residential Re issuance, taking total cat bond volumes at the official start of the 2010 US hurricane season today (1 June) to $2.4bn. 
  • Bryan Bumsted, head of retro at Bermudian (re)insurer Lancashire Group, has resigned from the firm to join George Soros-backed retro vehicle Q Re, Trading Risk can reveal.
  • Four tranches of notes with a total value of $400mn are expected to price today (25 May) as ILS veteran USAA prepares to close its 14th Residential Re cat bond, Trading Risk understands.
  • The first day of trading for Bermudian-headquartered (re)insurer Catlin’s listed Long Bay Re sidecar has been delayed  to 4 June.
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