Trading Risk July 2017
Published: 14/07/2017
Credit Suisse leads top 10 ILS growth
The top 10 ILS managers lifted their assets under management (AuM) by 8 percent in the first half of 2017, taking the group's collective capital base to $56.5bn, according to Trading Risk records
Deutsche Asset Management closes ILS vehicle
Deutsche Bank's asset management division has closed down its $100mn ILS fund after just over two years in business, sources told Trading Risk
Citizens lifts ILS share of $1bn reinsurance cover
Florida Citizens bought more collateralised reinsurance for the current hurricane season than it had in 2016, after lifting the size of its traditional programme by more than 50 percent.
Sidecar ranks shrink as Scor and PartnerRe let vehicles l...
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
Oregon updates on $145mn Nephila stake
The Oregon Public Employees Retirement Fund (OPERF) reported a $145.1mn holding in two Nephila funds as at year-end 2016
Guy Carpenter launches Asia Pacific retro unit
Guy Carpenter said it hoped to expand the retrocession and ILS capacity in the Asia Pacific region as it opened a new retro unit led by Simon Hughes.
Artex issues $8.3mn cat bond lite
Artex has issued its second cat bond lite of the year on the Bermuda Stock Exchange, raising a total of $8.31mn.
Bermuda carriers shifting to insurance despite making low...
Bermudian (re)insurers shifting their focus to the insurance markets will benefit from less volatility but will also make less margin, according to recent analysis from Fitch Ratings.
Rainfall forecast as Storm Emily heads to Florida
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
Nephila targets coastal deals
Nephila Capital has agreed a deal with a major US insurer to assume coastal exposure, broadening its access to primary risk, sister publication The Insurance Insider reported
RenRe, Swiss Re remain key parties on FHCF cover
RenaissanceRe and Swiss Re remained the two biggest carriers on the $1bn reinsurance programme bought by the Florida Hurricane Catastrophe Fund (FHCF) in 2017.
Mixed bag in mid-year renewals
Reinsurance and retro buyers obtained further rate reductions at the 1 July renewals, although Australian catastrophe losses led to isolated price increases.
European cat bond sponsors rethink collateral structures
European ILS sponsors and arrangers need to weigh up a number of considerations as they consider alternative collateral arrangements, write Robert Cannon and Matt Feig at Cadwalader.
UK regulators meet some ILS demands
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
Sponsors command ILS market in Q2
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
ILS H1 returns continue to trail 2016
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
AP3 mulls wider insurance mandate
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
Trading Risk view: London ILS regulations
Regulators have made some easy-win concessions in the final version of London's ILS framework to ensure that the system is workable for ILS managers
Funding pledged for developing world cat insurance
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-Novae takeover revives M&A
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
News digest
Alternative reinsurance growth; ILS rankings; Cyber loss potential; Egon loss estimates rise; Hannover Re fronting expansion; PIC reinsures £1bn longevity risk...
Self-steering reinsurance
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
Sfaif joins PGGM ILS team
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.
Ascot Group appoint Currie executive chairman
Ascot Group has appointed former RenaissanceRe CEO Neill Currie as executive chairman, noting that he had a mandate to expand the company through organic growth, strategic investments and acquisitions.
Former Aon Benfield retro broker to join AlphaCat
Former Aon Benfield retro broker Tom George is expected to join AlphaCat as an underwriter, sources told Trading Risk.
Neon hires Gibson
Neon confirmed that it had hired Mark Gibson as reinsurance and alternative capital director as it prepares to develop a third party capital strategy, in a move first reported by Trading Risk.
Ingle to lead Willis Re North America analytics team
Brian Ingle will lead the analytics team for Willis Re North America following Alice Underwood's appointment as head of risk consulting and software.
Mayer Brown adds Kallas
Mayer Brown has recruited Jay Kallas to join its insurance industry group and corporate and securities practice as a counsel in the law firm's Chicago office.
Kent to succeed Cavanagh as Willis Re CEO
Willis Re has confirmed that deputy global CEO James Kent will replace John Cavanagh as global CEO when he steps down later this year.
Guy Carpenter recruits Hettinger
Guy Carpenter has appointed Tom Hettinger to lead its capital, structured risk, growth and rating agency operations in the US and Canada.
Belisle extends Markel Catco contract
Markel Catco Investment Management CEO Tony Belisle has extended his contract with the company until 31 December 2020.
TransRe names global head of business development
TransRe has promoted Kyle Rhodes to the new role of global head of business development, where he will offer clients assistance in accessing third party capital.
Butler leaves Twelve Capital
Twelve Capital's head of investment management John Butler has resigned from the company, sources said.
Mulcahy to join Qatar Re
William Mulcahy, an actuary who has previously worked at ILS Capital Management, Securis and Ariel Re, is expected to join Qatar Re later this year, sources said.