Archive for April, 2010

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Chartis preparing U.S windstorm & quake cat bond Lodestone Re Ltd.

Chartis, formerly known as AIU Holdings, is preparing and marketing it's first catastrophe bond issuance. The transaction is being issued by Chartis for it's National Union Fire Insurance subsidiary in the U.S.Lodestone Re Ltd. is a Bermuda based SPV set up for the specific purpose of issuing $250m worth of read the full article →

Aon Benfield releases 1st quarter insurance-linked securities market update

Aon Benfield has released it's report reviewing the 1st quarter insurance-linked security market happenings. The first quarter of 2010 saw low total issuance of just $300m which is only 50% of 2009's first quarter total, however returns for investors in the same period are much stronger than last year.Catastrophe bond read the full article →

Dubinsky leaves Swiss Re, reappears at Willis Capital Markets

Stalwart of the insurance-linked securities market William Dubinsky has left Swiss Re Capital Markets where he was Director, Insurance Linked Securities responsible for leading origination and structuring of ILS transactions. He has now been appointed as Managing Director and Head of insurance-linked securities for Willis Groups Capital Markets and Advisory read the full article →

Ibis Re II Ltd. notes receive rating from S&P

Standard & Poor's have assigned preliminary ratings to the two tranches of the Ibis Re II Ltd. catastrophe bond transaction which is being brought to market by Assurant Inc.The series 2010-1 Class A notes have been rated 'BB' and the Class B notes have been rated 'B+'. The transaction is read the full article →

Johnston Re Ltd. catastrophe bond to provide North Carolina hurricane cover

Munich Re is placing a new catastrophe bond deal under the newly formed Cayman Islands based SPV Johnston Re Ltd. Johnston Re is being placed on behalf of the two North Carolina based non-profit organisations which have insurance companies as their members, the North Carolina Joint Underwriting Association and the read the full article →

Catlin to float sidecar SPV Long Bay Re on AIM

Catlin is planning to list an SPV called Long Bay Re on the Alternative Investment Market (AIM), a part of the London Stock Exchange. Long Bay Re, a Bermudian Class 3 reinsurer, is designed as a sidecar type reinsurer to provide Catlin with fully collateralised reinsurance cover for some of read the full article →

Ibis Re II Ltd. from Assurant adds to the catastrophe bond pipeline

U.S. insurer Assurant Inc. has added to the current catastrophe bond pipeline by beginning to market its second Ibis Re cat bond transaction Ibis Re II Ltd. Marketing to investors began this week and Ibis Re II is expected to close in May.The transaction is said to be worth $100m read the full article →

Guy Carpenter positive on catastrophe bonds in end of 1st quarter update

Guy Carpenter has released it's first quarterly catastrophe bond market update for 2010. The report is available in full on the GCCapitalIdeas.com blog and it makes good reading.Overall their impressions of the first quarter are positive and they confirm that demand has been strong although issuance has been slightly lower read the full article →

Guy Carpenter analyses cat bond perils

Here's a useful link that we believe you'll enjoy. Guy Carpenter have published a very interesting chart on their GCCapitalIdeas blog which breaks down all the catastrophe bonds issued since 1997 by type of peril. It's a great way to visualise how the market has changed over time as you read the full article →

Cat bond pipeline filling up

The catastrophe bond pipeline is looking healthy as three new transactions are in the very early stages of marketing to investors. Sources in the investment world tell us that issuers are attempting to get all three deals to market prior to the U.S. Atlantic hurricane season.The deals we've heard about read the full article →