Archive for November, 2012

AQR Capital Management, an investment management firm based in Greenwich, CT,are the latest with a reinsurance-linked investment offering to benefit from a commitment of funds from a U.S. public body pension fund. The Teachers’ Retirement System of the State of Illinois is the 39th largest in the U.S. and manages the pensions and retirement funds […]

Munich Re, the largest reinsurance company in the world, has told its investors that it currently expects to suffer a loss from hurricane Sandy in the “mid three digit million Euro” range. That could put their losses around the $640m mark, which is a fairly significant impact to the firm if this is the case. […]

Hurricane Sandy will likely cause the largest payout to date for the Microinsurance Catastrophe Risk Organisation (MiCRO) in Haiti. The impact of Sandy on Haiti was severe, with around 54 deaths, 18,000+ people displaced and the micro-lending firm Fonkoze suggesting that as many as 12,000 of their customers may be eligible for a payout under […]

Munich Re has released some comments on their recently completed Queen Street VII Re Ltd. catastrophe bond, the third to complete in recent days along with Mythen Re and Atlas Re VII which we covered earlier. This leaves the cat bond market pipeline a little quiet although we understand there will be more to come […]

As expected, rating agency Standard & Poor’s have placed two aggregate tranches of catastrophe bond notes from USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions on CreditWatch with negative implications. We suggested this was likely to happen in this article last Friday, we also followed up on the […]

French reinsurer SCOR has completed its latest catastrophe bond, securing approximately $228m of multi-year retrocessional reinsurance cover for itself on a fully collateralised basis. Atlas Reinsurance VII Limited saw SCOR offload certain U.S. hurricane, U.S. earthquake and European windstorm risks to capital market investors on both aggregate and per-occurrence basis’ using industry loss index triggers.

Reinsurer Swiss Re have successfully completed their latest catastrophe bond deal, securing themselves a multi-year $200m source of North Atlantic hurricane and UK mortality protection. Mythen Re Ltd. (Series 2012-2) is the first cat bond offering to combine natural catastrophe risk with extreme mortality in a single tranche of notes making this a step forward […]

Lancashire Holdings, a Bermuda and UK based provider of specialty insurance and reinsurance products,has announced that it is launching Saltire Re I, a fully collateralised Bermuda incorporated special purpose reinsurer. Saltire Re I will be collateralised through share capital which will be owned by a syndicate of investors and aims to be capitalised to the […]

Credit Suisse has issued another update on the potential impact hurricane Sandy has had on one of their insurance-linked security and catastrophe bond funds, the CS IRIS Low Volatility Plus fund. Credit Suisse are not changing their estimate from last week (which we discussed in this article here) yet, but says that if insurance industry […]

The impact of hurricane Sandy on the northeast U.S. and the expected insurance industry losses, currently estimated at $7 billion to $20 billion is a credit negative event for the Combine Re Ltd. (Series 2012-1) catastrophe bond, according to rating agency Moody’s. The current estimated range of insurance industry losses would see Sandy qualify as an […]