The parametric U.S. west coast and California parametric earthquake catastrophe bond, Acorn Re Ltd. (Series 2015-1), has been upsized by 50% to a $300m issuance, while at the same time the price has been moved to the midpoint of guidance.
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German reinsurance firm Hannover Re is not overly concerned about meeting earnings expectations, despite the softening of the reinsurance market, but it has changed its portfolio mix to be underweight catastrophe business, according to analysts at RBC.
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There appears to be a gradual shift towards privately placed catastrophe bond transactions, or cat bond lites, as smaller, more efficient structures increasingly come to the ILS market, rather than full-blown 144A affairs, according to Property Claim Services (PCS) new report.
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Insurance and reinsurance rating agency A.M. Best said that it does not expect any impact to any reinsurance firm’s it provides ratings for as a result of the recently introduced offshore, or hedge fund targeting, reinsurance tax legislation.
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In a move that will have significant ramifications for the global reinsurance market re/insurer ACE Group has announced that it is to acquire competitor Chubb Group to create the world’s largest property and casualty firm.
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The first catastrophe bond covering risks in China, Panda Re Ltd. (Series 2015-1), has now completed successfully, raising $50m for the sponsor state-owned reinsurance firm China Re, which was the lower end of the sponsors target size for the deal.
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This morning we published our latest quarterly report looking at issuance in the catastrophe bond and insurance-linked securities (ILS) market. The report titled ‘Q2 2015 Catastrophe Bond & ILS Market Report – Keeping up with demand‘ shows that while not setting records, Q2 issuance kept up with investor demand at $3.162 billion.
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The Endurance Specialty Holdings Ltd. and Montpelier Re insurance and reinsurance merger is getting nearer to completion, with the receipt of key shareholder approvals after votes undertaken by both of the firms.
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Swiss Re Corporate Solutions, a division of the global reinsurance firm, has provided Infigen Energy with a pioneering wind farm hedge, protecting it across areas of Southern Australia, New South Wales and Western Australia from low-wind weather cycles.
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The London insurance and reinsurance market has to fight its corner if it is to remain the leading center for risk and that includes fighting to attract ILS business to its shores, according to the UK’s Crown Representative for Insurance Michael Wade.
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Insurance-linked securities (ILS) and reinsurance linked assets under management at New York based Stone Ridge Asset Management, the beta and alternative risk focused mutual fund manager, have neared $3.3 billion, up 9.4% in three months.
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TigerRisk Partners LLC has hired an insurance and reinsurance capital markets and investment banking executive from rival Willis, adding Jared Madea to the privately held risk/capital management and strategic advisory firm’s TigerRisk Capital Markets & Advisory unit.
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Following on the heels of EXOR’s announcement yesterday that it was “expanding its legally binding guarantee for the transaction”, reinsurance firm PartnerRe responded saying that the modifications to its offer fail to address the risks.
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Consolidation is once again in the news as it is announced that insurance and reinsurance broker Willis Group is to merge with global professional services firm Towers Watson, to create an $18 billion broking, advisory and professional services giant.
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