retrocessional

We’ve spoken with a number of fund managers in the last two days to gauge their opinions as to their funds exposure to losses due to the impact of hurricane Irene. Irene, was the first hurricane of the 2011 Atlantic Hurricane Season and struck the U.S. coast at North Carolina before impacting New York, New […]

Back in April Alterra Capital, the global insurance and reinsurance group, announced that they were forming a new collateralized reinsurance sidecar vehicle aiming to create additional capacity for the property catastrophe retrocessional market at a time when they could profit from market conditions. Now the capital raising is complete and New Point IV has closed […]

CATCo Investment Management Ltd. has issued an update on the progress they are making in deploying the additional capital secured from share offerings and capital raising activities in recent months and an update on their portfolio composition and performance.

Capital raising by Bermudian reinsurers has been in the news frequently over the past few weeks as they seek to raise capital and capacity to take advantage of a capacity squeeze after the disastrous start to the year and capitalise on the possibility of rising rates. Renaissance Re have become the latest to announce an […]

Validus Holdings, a Bermuda based reinsurer, has announced the launch of a new special purpose sidecar reinsurer called AlphaCat Re 2011 Ltd. The sidecar has been set up to write collateralized reinsurance and retrocessional reinsurance, areas of opportunity in the market at the moment post-Japan and the other catastrophe losses experienced this year.

Not content with the listing of millions of shares announced a couple of days ago, CATCo Investment Management have listed additional Class C shares of their CATCo Reinsurance Opportunities Fund on the Bermuda Stock Exchange.

The Bermuda Stock Exchange (BSX) has approved the secondary listing of both ordinary and Class C shares of the CATCo Reinsurance Opportunities Fund Ltd., operated by CATCo Investment Management Ltd. Effective on the 20th May, the BSX listing committee approved listing of 87,642,000 ordinary shares and 124,446,737 Class C shares. The primary listing sits on […]

Lancashire Holdings, the Bermuda and UK based provider of specialty insurance products, has announced the formation of Accordion Reinsurance Ltd. a fully collateralised sidecar reinsurance facility. Accordion will be flexibly capitalised up to $250m and will act as a quote share reinsurer of Lancashire Insurance Company Ltd.

CATCo, a specialist Bermuda based investment manager who operate the London listed CATCo Reinsurance Opportunities Fund, announced yesterday that they have successfully raised an additional $121.1m (after commissions and expenses) through the issuance of over 124m C-shares with institutional investors. The offering was the first from a proposed placing of 400m new shares.

You would be forgiven for thinking that the recent spate of catastrophes and natural disasters had left re/insurers sobbing quietly as they contemplated the prospects of an unprofitable year in 2011. That’s not the case though, as recent quarterly reports have shown many re/insurers predicting the return of rising reinsurance rates this summer.