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Trading Risk February 2018

  • Mercer Investments principal Robert Howie said that single-digit reinsurance rate increases may be attractive to ILS investors given the performance of other asset classes.
  • Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.
  • Securis and StarStone have agreed a partnership that will expand the ILS manager's US property insurance portfolio, Trading Risk has learned.
  • Guy Carpenter told Trading Risk that rate increases on retro business ranged from 5 to 25 percent on a risk-adjusted basis, with pricing dependent on loss experience.
  • AIG's surprise move to take over AlphaCat parent Validus continues the trend for reinsurer-affiliated asset managers to dominate M&A activity within the ILS management sector.
  • The 2017 calendar year was the costliest on record for weather events, with insured losses estimated at $132bn, according to Aon Benfield's Impact Forecasting.
  • Fergus Morrison is expected to join the underwriting team at Bermudian ILS manager Aeolus later this year, Trading Risk understands.
  • Losses from US primary habitational and coastal hotel accounts have driven pockets of localised hardening in the US commercial property insurance market, with rate increases of as much as 70 percent for some risks.
  • Pricing for industry loss warranties is up by 15-30 percent on loss-affected covers, according to figures from brokers, as the market picks up after a slow start to the year.
  • ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
  • Securis has parted ways with its head of origination Neil Strong after a significant management restructure that has elevated Paul Larrett to the new role of chief underwriting officer and head of non-life analytics.
  • The strategy of Langhorne Re, the closed-ended life fund set up last month by RenaissanceRe and life reinsurer Reinsurance Group of America (RGA), will be based largely around a leveraged asset play, according to sources.
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