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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.
  • 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
  • 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
  • RenaissanceRe and Swiss Re remained the two biggest carriers on the $1bn reinsurance programme bought by the Florida Hurricane Catastrophe Fund (FHCF) in 2017.
  • PGGM has recruited Youssef Sfaif to join its ILS investment management team. He joins the firm from Scor, where he spent the past two years as an actuary.
  • Markel Catco Investment Management CEO Tony Belisle has extended his contract with the company until 31 December 2020.