Trading Risk June 2018
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Axa has said that XL’s reinsurance platform and access to alternative capital were among the attractions in tying up with the carrier.
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June people moves in the ILS market
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Hurricane season is now open, but I’d argue that the persistent headwinds facing the reinsurance industry are far more challenging than anything the Atlantic may send its way this summer.
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Leadenhall Capital Partners has won a mandate to invest £80mn ($106.8mn) for the North Yorkshire Pension Fund.
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The average gain across a group of sidecars that remained on risk in the three months to 31 January came to 3.2 percent.
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Hatteras Funds, a North Carolina-based alternative asset manager, has launched the fifth new ILS strategy this year and joins a trend of more feeder funds being set up in the asset class.
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Floridians HCI Group, United Insurance (UPC) and Heritage all spent more on reinsurance during the renewal, while Federated National shrank its reinsurance costs by 17 percent.
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Florida catastrophe reinsurance rates crept up by 1.2 percent on average at this year’s 1 June renewal, marking the first increase in seven years, according to JLT Re.
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Hurricane Irma led to a sharp increase in lawsuits against Florida insurers in Q1 2018 compared with the same period last year, according to the Sun Sentinel.
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ILS investors lost 7 percent on average between 30 June last year and the end of April 2018, the Eurekahedge ILS Advisers index shows.
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There has been a downturn in the number of Florida-only cat bonds in the second quarter of this year, with only two Sunshine State deals compared to the five issued last year, as local sponsors expanded the scope of their cover.
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Recent developments in the sector have underscored the difficulties reinsurers are grappling with as they attempt to work ILS capital into their business model.
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