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September 2011/1

  • A portion of MultiCat Mexico's $50mn Class C notes have changed hands in the secondary cat bond market as Hurricane Jova gains speed on its approach to Mexico's Pacific coast, Trading Risk understands.
  • Loss compilation agency Property Claims Service (PCS) has placed insured losses from Hurricane Irene at $3.65bn, Trading Risk understands.
  • Japanese cooperative Zenkyoren's escalating loss estimate from the Great Tohoku earthquake in March will likely strike the retrocession market hardest, Trading Risk has learned.
  • Modelling firm RMS has published a $2.82bn Paradex index value for the US losses stemming from Hurricane Irene, which is unlikely to trigger Flagstone Re's Montana Re 2010 notes, Trading Risk understands.   
  • MyLotto24, a UK company offering online bets on foreign lotteries, has closed a EUR70.5mn jackpot win-triggered bond with a handful of ILS investors, in a move that diversifies the sector from traditional insurance products.
  • Catastrophe modelling firm AIR Worldwide (AIR) released updates to its European wind and earthquake cat risk models this week, with both models having been expanded to include additional countries.
  • Da Vinci losses hit $114mn; Arch takes $5mn loss from Aeolus; Italian manager buys into Eskatos venture
  • Credit Suisse Asset Management took in more than $1bn of new funds over the first half of the year to become one of the leading beneficiaries of investor interest in the ILS market.
  • 2011 cat losses shook the ILW market. In our regular quarterly review of the sector, Willis Re executive director Henry Kingham looks at the longer-term effects...
  • Summer trading in exchange-traded catastrophe derivatives has slowed this year as buyers got in earlier in the season after a bruising year of catastrophe losses.
  • The departure of pivotal Ifex executive Billy Welch from the firm's new owner, the IntercontinentalExchange (Ice), has prompted speculation that the industry loss warranty (ILW) trading platform will shortly re-launch in a new home.
  • Hurricane Irene carried a CME Hurricane Index (CHI) value of 9.3, according to preliminary estimates from modeller Eqecat, putting several derivative contracts traded this year almost halfway towards their trigger.
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