Lancashire is returning the bulk of capital raised for its $250mn Saltire Re I sidecar just three months after its launch, Trading Risk can reveal
Large institutional investors are increasingly opting to allocate via personal mandates with ILS fund managers rather than through commingled funds, said LGT's head of ILS Michael Stahel.
A clutch of Florida start-up insurers are expected to be among the sources of new demand for reinsurance cover during the 1 June property catastrophe renewals
The industry loss warranty (ILW) market took the brunt of retro softening at 1 January as rates for larger ticket triggers fell, sources said
The convergence market has always insisted that it is not in competition with traditional reinsurers
Hannover Re reduced its ‘K' quota share by almost six percent when it renewed its retrocession protection at 1 January, although it bought more non-proportional cover, the company disclosed
PCS said the $7.75bn hike to its second loss estimate for Superstorm Sandy was almost entirely based on new market data rather than extrapolated estimates
Just one private cat bond has been placed in the last month but ILS investors still expect 2013 issuance to be around the $6bn mark as they await new deals
The longevity market is set to see its first transaction of 2013, following on from Aegon's longevity swap with Deutsche Bank last March, Trading Risk understands
Former Rochdale Securities fixed income and ILS trader Craig Bonder has moved to boutique investment firm Maxim Group, after Rochdale came to a standstill following a $1bn rogue trade incident last year
Buying demand on the secondary ILS market remains strong but there have been few trading opportunities in recent weeks as cash-flush investors await new issuance opportunities
Swiss Re will continue placing redemption clauses on its Vita Capital extreme mortality cat bonds after it decided to redeem the $125mn Vita Capital IV early
The growth of the alternative reinsurance marketplace may be set to slow or plateau as some niches reach a "saturation point", according to Validus CEO Ed Noonan
Swiss Re Successor X (2011-3) cat bond are within a fraction of triggering after PCS released its second loss estimate for Hurricane Sandy, Trading Risk understands
Reinsurers such as Everest and XL have said their expansion into funds management would not cost their existing investors, as analysts quizzed them during the February reporting season on how these moves would affect their business.
Reinsurers provided a varied account of the 1 January renewals as they reported their 2012 results, with the most bullish putting US rate movements at +5 percent while others suggested that rates were down
Nephila Capital's new syndicate manager Adam Beatty said the cat reinsurance fund manager's move into the Lloyd's market shows how far the lines between traditional and alternative market reinsurers have blurred in recent years.
PGGM linked to SNS Reaal deal; Hertfordshire fund invests £32mn in ILS; Credit Suisse reduces Sandy loss; Catco's Sandy losses total $140mn
Ariel Re veteran Don Kramer says he hopes to launch the first fund from his start-up ILS Capital Management in time to draw down capital for the mid-year renewals.
Although significant institutional capital may be sitting on the "sidelines" of the alternative reinsurance market other factors are preventing more pension funds from being attracted to the space, fund advisers say.
The top 10 ILS fund managers have added $7bn to their combined assets under management over the past year and now control almost $28bn of funds, according to investor data compiled by Trading Risk.
The spotlight is already shining strongly on the highly attractive $3bn Florida market ahead of the 1 June renewals as a series of developments stoke reinsurance demand.
Validus is suing the US government for a tax rebate of more than $435,000 in a test case to determine whether foreign excise tax on reinsurance should be treated as a "cascading tax", court filings show