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Trading Risk July 2017

  • The National Hurricane Center (NHC) warned that Tropical Storm Emily was expected to produce rainfall of 2 to 4 inches along the west coast of central Florida as it passes over the state this afternoon
  • Artex has issued its second cat bond lite of the year on the Bermuda Stock Exchange, raising a total of $8.31mn.
  • Deutsche Bank's asset management division has closed down its $100mn ILS fund after just over two years in business, sources told Trading Risk
  • The ILS market has well and truly put its foot on the accelerator this year - with cat bond volumes setting new records and ILS managers competing hard in Florida
  • Scor and PartnerRe have each let a reinsurance sidecar lapse in 2017 after deciding that they no longer needed retrocession cover in this format, Trading Risk understands
  • The cat bond market was firmly in the hands of sponsors in the second quarter, with volumes setting a record in a frenetic period that pushed ILS pricing to new lows
  • Average returns posted by a group of cat bond funds came to 0.68 percent in the second quarter of 2017, taking year-to-date gains to 1.36 percent
  • The Oregon Public Employees Retirement Fund (OPERF) reported a $145.1mn holding in two Nephila funds as at year-end 2016
  • The ILS portfolio managed by Swedish state pension fund AP3 grew by more than 40 percent in the second half of 2016, according to its most recent report
  • The UK Treasury's final version of regulations that will establish a framework for local ILS issuance have gone some way to addressing industry concerns
  • The World Bank, UK and Germany pledged resources to help expand disaster insurance cover in developing countries at the Global Insurance Forum in July
  • Axis Capital CEO Albert Benchimol said the carrier could look to share more property cat risk with third-party capital providers after its $604mn acquisition of Lloyd's insurer Novae
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