Blue Capital: No material loss expected from Oklahoma tornado

by Artemis on May 23, 2013

Another reinsurance-linked investment manager has come forwards with a statement regarding the tornado which struck Moore, Oklahoma on the 20th May. Blue Capital Management, the third-party capital management arm of Bermuda based reinsurer Montpelier Re that specialises in catastrophe reinsurance-linked investment products for institutional and retail investors, has said it expects no material loss from the event.
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CATCo: No impact from Oklahoma tornadoes if insured losses below $5 billion

by Artemis on May 23, 2013

Specialist Bermuda based reinsurance-linked investment business CATCo Investment Management, which underwrites and manages portfolios of catastrophe reinsurance and retrocessional contracts using investment clients assets, has provided an update regarding the Moore, Oklahoma tornado event. CATCo says it expects no meaningful impact to its 2013 portfolio if the insured losses related to this event remain below $5 billion.
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Blue Danube II catastrophe bond completes, rated, lists in Bermuda

by Artemis on May 23, 2013

The latest catastrophe bond transaction from Germany headquartered insurance and reinsurance group Allianz has now successfully completed, received its rating and the issued cat bond notes have been listed in Bermuda. The Blue Danube II Ltd. (Series 2013-1) cat bond has now secured sponsor Allianz Argos 14 GmbH a $175m three-year source of fuly-collateralized, multi-peril reinsurance protection.
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LGT Insurance-Linked Strategies: No impact expected from Oklahoma tornado

by Artemis on May 23, 2013

Insurance-linked securities and reinsurance-linked investment manager LGT Insurance-Linked Strategies is the latest manager of catastrophe linked assets to say that, at this stage, it does not expect an impact to any of the investment positions or mandates that it holds from the Moore, Oklahoma tornado event of the 20th May.
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PERILS-based limits at risk up 22% to $4 billion over last year

by Artemis on May 23, 2013

Zurich based PERILS AG, an independent provider of industry-wide European catastrophe insurance data and loss indices, has seen continued strong usage of its loss data and indices by the reinsurance and catastrophe bond sector in the last twelve months. The total amount of PERILS-based limits at risk has grown by 22% over the course of a year to stand at $4 billion at the end of the first-quarter.
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Oak Leaf Re 2013-1 catastrophe bond being privately marketed

May 23, 2013

A third privately marketed and placed catastrophe bond transaction is being issued through Oak Leaf Re Ltd., a Bermuda domiciled special purpose insurer according to the market. The transaction, Oak Leaf Re Ltd. (Series 2013-1), is seeking a source of fully-collateralized, indemnity based reinsurance protection from Florida hurricanes for a homeowners insurer in the state, [...]

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ILS Capital Management to expand into specialty reinsurance-linked investments

May 22, 2013

Bermuda based specialist insurance-linked securities and collateralized reinsurance investment manager ILS Capital Management, Ltd. has announced an expansion to its strategy as it intends to begin investing in specialty reinsurance contracts. ILS Capital Management aims to bring something new to investors in reinsurance and catastrophe risk, by including specialty reinsurance investments within its flagship fund, [...]

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Residential Re 2013 cat bond prices at low end of reduced guidance

May 22, 2013

The Residential Reinsurance 2013 Ltd. (Series 2013-1) catastrophe bond, the 20th Res Re cat bond deal from prolific sponsor the U.S. primary insurer and military focused mutual insurer USAA, has now priced. Once again, as with all recent cat bond deals, the risk premium paid to investors has dropped even further by the time the [...]

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Insured losses from Moore, Oklahoma tornado could surpass Joplin

May 22, 2013

The tornado which struck the Oklahoma suburban town of Moore on the 20th of May looks likely to become the largest single catastrophe insured loss event of the year on U.S. soil. The U.S. National Weather Service (NWS) has now upgraded the severity of the tornado, saying that evidence shows that it was an EF-5 [...]

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Credit Suisse: losses from Moore tornado under $5 billion, no ILS fund impact

May 22, 2013

Investment management firm Credit Suisse, which operates a number of insurance-linked securities (ILS) investment funds, has said that it does not expect that insured  losses from the Moore, Oklahoma tornado will have any impact on its funds. The tornado which struck Moore on Monday causing many fatalities and devastation to much of the property in [...]

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DCG Iris insurance-linked securities fund adds over £9m in latest share placement

May 22, 2013

The DCG Iris insurance-linked securities fund has issued 9,174,000 new Sterling Shares at a price of 101.12 pence per share as it closes its latest round of fund-raising which we had written was underway in April. The additional shares grow the fund, which is managed by Dexion Capital as a feeder fund into a Credit Suisse managed [...]

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Oklahoma tornado may cause catastrophe bond price movements

May 21, 2013

The tornado which struck Moore, Oklahoma yesterday, causing many fatalities and devastating a wide swathe of Oklahoma’s suburbs, could result in a reaction in the secondary catastrophe bond market, according to investors. The tornado is expected to cause an insured loss in the billions of dollars (how high it is too early to say) and [...]

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Over $7 billion ILS and cat bonds listed on Bermuda Stock Exchange for first time

May 21, 2013

The total volume of insurance-linked listings, including catastrophe bonds and reinsurance-linked investment funds, on the Bermuda Stock Exchange (BSX) has grown by $1.25 billion through the start of 2013 to now stand at just over $7.06 billion. It is the first time the BSX has reached the $7 billion milestone and comes despite $775m of [...]

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Catastrophe bond price returns begin to look more seasonal

May 21, 2013

Price returns in the secondary catastrophe bond market have taken another dip in the last fortnight as the pricing pressure we discussed two weeks ago here continues to exert itself on the pricing of outstanding cat bond marks. As we approach the U.S. hurricane season we’re beginning to see cat bond prices looking more seasonal [...]

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Moore, Oklahoma City, hit by devastating tornado

May 21, 2013

A huge tornado cut through the Oklahoma City suburbs yesterday mid-afternoon local-time, causing widespread devastation from a track estimated to be up to a mile wide at times. The tornado made a direct hit on the town of Moore, as a severe tornado with winds of up to 200mph and the storm has been given [...]

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