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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.
  • Growth in the industry loss warranty (ILW) market in the past year has led a number of brokers to bolster their dedicated expertise in the insurance derivative sector.
  • S&P completes RMS downgrades; Avondale downgraded on Irish concerns; JPMorgan team in new venture
  • Investment bank Credit Suisse has completed a £1.7bn longevity swap for British media firm ITV's pension scheme to offload the risk of the scheme's pensioners living longer than expected.
  • Hannover profits from retro recoveries; Greenlight in red during Q2; Slowdown costs Aon Benfield
  • The capital markets could provide the oil industry with more comprehensive (re)insurance cover at a more competitive price, the founders of a new ILS venture argue.
  • More European perils and other non-US risk could be brought to the cat bond market in the near future, broker Aon Benfield Securities predicted in its annual ILS review.
  • The secondary cat bond market provided high liquidity to jittery investors before Hurricane Irene struck the US, which market observers welcomed as a healthy sign as the wind season geared up.
  • Two cat bond deals are set to pay out more than $40mn to their sponsors due to claims from the 2011 Japanese earthquake and 2008's Hurricane Ike.
  • Cat bond sales in July and August reached almost $700mn, taking total sales for 2011 past the $2bn mark as four new issuances came to market.
  • Scor hopes to become a premier ILS fund manager as it begins marketing its new Atropos fund to investors this month - a year after Trading Risk first revealed the French reinsurer's plans to expand into third party funds management.
  • As the core of the convergence market prepares to descend on the wealthy principality of Monaco this month, I thought I'd give you some tips on how to arrive in style this year.
  • Smaller ILS fund managers criticised the limited circulation of "club" private cat bonds after it emerged that Aon Benfield Securities (ABS) privately sold a $160mn Japanese typhoon bond for Tokio Marine to a handful of larger investors.