Archive for July, 2013

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MetroCat Re completes at $200m. MTA pleased, but may have liked more

The MetroCat Re Ltd. (Series 2013-1) catastrophe bond, which is the first cat bond in the markets history to bring storm surge risk alone in a transaction to insurance-linked securities investors, has completed successfully at $200m, received its final rating and the notes and program have listed in Bermuda.The successful read the full article →

In non-traditional reinsurance, pension fund capital may be stickiest: Platinum CEO

In its recent second-quarter earnings conference call Platinum Underwriters Holdings, a Bermuda based provider of property, casualty and finite risk reinsurance coverages to a global client base, CEO discussed the differing characteristics of non-traditional reinsurance capital depending on its source.As we wrote last week, Platinum Underwriters has been keenly watching read the full article →

Smarter ILS managers turned money away in Q2: Validus CEO

Chief Executive Officer of Bermuda located insurance, reinsurance and third-party reinsurance capital management group Validus Holdings, Ed Noonan, said on the firms recent earnings call that its AlphaCat ILS management segment turned down money from investors in Q2, as did the 'smarter managers in the space'.Validus has always prided itself read the full article →

Insurance-linked securities capacity here to stay: Hiscox CEO & Chairman

Both the Chairman, Robert Childs, and CEO, Bronek Masojada, of Bermuda headquartered insurance and reinsurance group Hiscox have said that they see insurance-linked securities (ILS) capacity as a permanent and growing feature of the wider insurance and reinsurance market.The comments were made as Hiscox reported its second-quarter 2013 results. Hiscox read the full article →

SAC Re’s ratings under review on hedge fund SAC Capital connections

SAC Re, the Bermuda based Class 4 reinsurance company backed by Steven A. Cohen, billionaire hedge fund manager and founder of the beleaguered hedge fund SAC Capital Advisors LP, has officially had its financial strength and issuer credit ratings placed under review with negative implications by A.M. Best.With SAC Re’s read the full article →

Longevity hedging market could hit capacity crunch: PwC

Analysis from PwC questions the ability and capacity of traditional reinsurers to support the potential growth of the longevity hedging market over the next few years. PwC predicts the market for risk transfer in the form of longevity swaps and hedging in the UK could triple over the next three read the full article →

AXIS’ Northshore Re cat bond grows in size, pricing drops below guidance

Yet another catastrophe bond has increased in size, from the preliminary volume it launched with, while at the same time the coupon price guidance has been reduced below the initial guide range. The Northshore Re Limited (Series 2013-1) cat bond is the first to be sponsored by AXIS Capital Holdings read the full article →

Third Point Re increases IPO offering to $345m

Third Point Re, the Bermuda domiciled reinsurer backed by Third Point LLC hedge fund owner Dan Loeb, has increased the offering size of its long-awaited IPO to a maximum of $345m. When Third Point Re initially filed its IPO documentation it was hoping for an offering of $250m but it read the full article →

Insurance-linked securities funds performance hit by Euro floods in June

The month of June saw insurance-linked securities (ILS) funds returns impacted by the major flooding event which struck Central European countries with some of the worst floods in recent memory. The event dragged the average return of ILS funds in June down to flat or 0.00%, as measured by the read the full article →

Ballantyne Re Reg XXX life securitization investors facing losses: Fitch

Scottish Re’s 2006 Ballantyne Re Regulation XXX type life insurance securitization transaction will struggle to return much capital to investors following huge mark-to-market losses on the assets in the underlying collateral accounts, according to an update on the deal from rating agency Fitch Ratings.Ballantyne Re had much of its collateral read the full article →