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November 2011/1

  • The CEO and CFO of insurance services provider Kane Group have left the firm just months after its acquisition of HSBC Insurance Management, Trading Risk can reveal.
  • The remaining $100mn tranche of tornado cat bond Mariah Re is set to be a total loss in what would be the third wipeout of a cat bond this year, Trading Risk has learned.
  • Deutsche Bank has closed a longevity swap with the trustees of the Rolls-Royce pension fund in one of the largest such deals to date.
  • Start-up ILS operation Dunamis Holdings is the latest to back private cat bonds with the launch of a new "one-stop" issuance facility to transform risk into the capital markets.
  • Chartis subsidiary National Union Fire Insurance Company (NUFI) has more than doubled its Compass Re cat bond from a $275mn target to close at $575mn, Trading Risk understands.
  • Clariden Leu ILS fund manager Michael Stahel says it is business as usual despite the announcement yesterday (15 November) that the Swiss private bank will be integrated into parent bank Credit Suisse
  • Trading Risk previously reported that North Carolina-based hedge fund Petra Haven, led by Brad Chance, had seeded Bermudian ILS fund manager Dunamis with a single-digit million-dollar amount.
  • Collateralised Bermudian reinsurer Q Re is set to close as billionaire backer George Soros steps away from the sector.
  • Competitive and economic constraints have pushed the minimum entry size for an ILS fund to $100mn, according to fund services provider Horseshoe.
  • Listed fund manager Catco Reinsurance Opportunities Fund says it is considering reserving for a loss from the New Zealand earthquake to "resolve ambiguity" ahead of the January 1 renewals.
  • Investment manager GAM has launched a new pure cat bond fund with seed capital from a group of external investors as part of its line-up of funds managed by leading ILS player Fermat Capital Management.
  • The ILS market's risk appetite has proved "remarkably stable" amid a highly volatile year, Lane Financial partner Morton Lane wrote in a recent report.