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May 2012/1

  • With a strong showing at the mid-year renewals, the convergence sector now has a 14 percent market share of global cat reinsurance limit placed - signifying a watershed in its development, according to Guy Carpenter vice chairman David Priebe.
  • Pricing continued to move up in the retrocession markets into June despite the pace of reinsurance rate increases tailing off, broker Guy Carpenter said in its report on the June renewals.
  • Global reinsurer Scor has topped-up the amount of event-driven contingent capital it can draw down on in response to large natural catastrophe losses to EUR 150mn, having triggered the first EUR75mn of its 2010 facility last year.
  • GC Securities has forecast possible ILS issuance of $7bn for 2012, joining a growing throng of bullish convergence managers as the strong new issuance pipeline continues.
  • Charles Collis and Michael Frith from Conyers Dill & Pearman look at the moving currents of "hard-wired" ILS structures
  • Most reinsurers are still talking up the mid-year US property cat market and insisting that the 10-15 percent rate increases seen at 1 January can be replicated, but the first cracks in the façade of market confidence have become apparent
  • Top legal experts in the ILS sector have been forced to switch law firms as Dewey & LeBoeuf, a former leader in the capital reinsurance markets, looks set to shut down
  • Industry investors said recent reinsurer start-ups such as Third Point Re and PaCRe might work for their hedge fund backers but questioned the rationale for other investors, speaking at an event hosted by sister publication The Insurance Insider this month
  • The US Jobs Act provision set to lift the ban on advertising for certain private placement offerings is on track for full enforcement by the US securities regulator on 4 July, according to insurance legal expert Michael Madigan
  • Industry losses from the Costa Concordia disaster are set to rise past the $1bn mark, putting marine industry loss warranties (ILWs) at risk of paying out
  • Tornado losses have reached $3.48bn for the 2012 season to date, including one $1bn+ event, Trading Risk understands
  • Greenlight: new entrants hinder market; Farmers renews contingent capital deal