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Ratings agency Fitch has stated that it "does not currently expect" to grant ratings on single loss event tranches of insurance linked securities (ILS) above AA, as it published its final version of
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Stoneheath Re, the Cayman Islands insurance special purpose vehicle established in 2006 by Bermudian (re)insurer XL Capital, has been downgraded by ratings agencies Fitch Ratings and AM Best. On th
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January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded this wee
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Swiss Re has closed its $85mn GlobeCat transaction, providing one year of cover for Central American earthquake and six years for Californian earthquake and US windstorm. GlobeCat - the first bond t
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Concord Re, the $730mn sidecar established by American International Group's (AIG) subsidiary Lexington Insurance Company in 2006, has been non-renewed for 2008, as revealed in Trading Risk. The Cla
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Of the $6bn+ of sidecar capital due to expire at the end of 2007, $4.12bn was cancelled and a further $1.96bn was renewed into 2008 – typically into smaller vehicles – Trading Risk’
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Imagine getting paid for a catastrophe loss before it has even happened? It’s the dream scenario for many cat exposed insurers but, according to Neil Eckert, is also one of the reasons why his
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Investment banks’ involvement in risk transfer to the capital markets poses a serious threat to traditional brokers, according to a groundbreaking survey of senior London Market executives by T
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The California Earthquake Authority’s (CEA) $496mn Redwood X transaction, launched on 31 December 2007, brought to a close a busy season for cat bonds – taking total natural catastrophe b
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The secondary market in cat bonds has seen increased trading at the start of 2008, with Swiss Re Capital Markets having completed “one, sometimes two, trades per day this year”, according
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The continued development of catastrophe derivatives trading will be fuelled by the “flexibility of the over-the-counter (OTC) markets”, according to Rob Turner of newlylaunched derivativ
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Despite strong interest in Industry Loss Warranty products in the last three months, the volume of closed transactions has been low, with pricing continuing to come under pressure. “November, D