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Trading Risk June 2017

  • Swiss Re has bolstered its retro support from the Sector Re sidecar by around $100mn in the past year to take the vehicle's total capacity to $492mn, Trading Risk understands.
  • The final version of the Insurance Open Protocol has cut back the frequency of reporting it requires from ILS managers in response to feedback received during the consultation period.
  • A significant drop in social and healthcare spending in the UK is now thought to be the cause of a slowdown in mortality improvement, which has led the longevity swap market to stall.
  • Allstate reduced its traditional limit when it renewed its $4.42bn nationwide catastrophe reinsurance treaty at the mid-year renewals, after having cover up to $4.55bn last year, sister publication The Insurance Insider reported.
  • Larger residual insurers were among cedants that prospered in the June renewals from competition for US property catastrophe reinsurance business.
  • The main factors in this year's "double-dip" Florida reinsurance renewal were abundant supply, reduced demand from several key buyers and uncertainty over model changes.
  • Forecasters are predicting an average to above-average 2017 Atlantic hurricane season, as debate continues over whether a longer-term shift to a phase of reduced activity is underway.
  • Four recent private and cat bond lite deals cleared during the mid-year renewals.
  • Newly issued cat bonds, including the latest Alamo Re and Citrus Re 2017-1, have already traded above par on the secondary market, in a sign of strong ILS demand.
  • Standards set by the Hedge Fund Standards Board (HFSB) can provide a pattern for ILS managers to mitigate potential conflicts of interest, Hiscox Re ILS COO Richard Lowther told Trading Risk.
  • Switzerland-based asset manager Plenum has discontinued its partnership with Sequant after marketing a new non-catastrophe ILS fund with the Bermuda asset manager last year, Trading Risk can report.
  • LGT ILS funds; Wilton Re buys Aegon US run-off businesses; Cat bond funds reopen
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