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Longevity risk has threatened pension fund solvency in the UK for years and life reserves have been a drain on insurer's balance sheets due to US regulation. Can new capital market solutions be the elixir of life for pension funds and life insurers?
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Uncertainty around the economic cost of global warming is creating insurance-linked trading opportunities, say Pauline Barrieu and Leonard Smith.
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Strong 2009 performances and financial markets stabilisation have funnelled additional capacity into the convergence sector, with Axa and Q Re deploying new funds at the start of 2010.
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The price of US wind industry loss warranty (ILW) instruments has fallen by up to 40 percent year-on-year for the 1/1 renewal season, with average rates on line (RoL) reducing around 25 percent over the prior year across all perils.
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European (re)insurers face an average 70 percent increase in solvency capital requirements (SCR) from changes to implementation measures for the European regulatory standard proposed over the past six months.
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Dutch conglomerate ING has completed an $825mn Regulation XXX life transaction, backed by a new collateral facility from Bermudian firm Karson Management.
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Cat bond market conditions are expected to be "very favourable" in 2010, leading to around $5bn of new issuance, according to industry experts.
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A record $1.7bn ILS issuance in Q4 fuelled by 30-40 percent falls in cat bond pricing took total 2009 ILS issuance to $3.5bn in the form of 19 transactions (see table).
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Three deals closed in late December with a combined capacity of $875mn -demonstrating strong investor demand for the ILS product.
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Goldman Sachs Group has ceased to run its life settlement longevity index QxX due to poor take-up, Trading Risk can reveal.
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Reinsurers gave in to a controlled reduction of prices at the 1 January renewal, with prospects for any generalised upturn unlikely in 2010, according to leading reinsurance brokers' reports.
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Rating agency Standard & Poor's (S&P) has affirmed its A+ credit rating on RenaissanceRe affiliate and property catastrophe reinsurer DaVinci Re, with a stable outlook.