April 2010/1

Uncertainty around the economic cost of global warming is creating insurance-linked trading opportunities, say Pauline Barrieu and Leonard Smith.

Solvency II delay possible; Property Claims Service launched for Canada; RenRe's sidecar keeps its A+ rating; S&P launches ILS page

Lobbyists for financial firms are attempting to water down language in the Volcker proposal, which would ban proprietary trading at US banks.

Five substantial life settlements books are currently up for sale, Trading Risk understands, with JP Morgan looking to close a $2bn portfolio.

Investment in catastrophe bonds looks set to broaden as Intelectia Capital launches a cat bond fund compliant with the European Undertakings for Collective Investment in Transferable Securities (UCITS) III directive.

Mercer's multi-manager funds are partnering with Credit Suisse to offer an ILS investment strategy as part of an Australian-domiciled unit trust for wholesale investors.

The exceptional level of catastrophe losses in the first quarter of 2010 showed little impact on reinsurance rates at the 1 April renewals.

Reported loss estimates for the Chile earthquake have breached the $4bn mark, according to the 30 or more forecasts released by the industry to date.

Goldman Sachs has completed two separate sales of its holding in Unum Group's $800mn Northwind embedded value life securitisation in the secondary market, at an approximate 20 percent discount to par, Trading Risk can reveal.

Just two cat bonds with values of less than $500mn were issued in March, marking a sluggish start to the cat bond season and taking year-to-date total ILS issuance to $650mn.

Convergence rainmakers focused on new growth areas at the 2010 SIFMA conference last month...

UBS and Credit Agricole will boost the life market in Q2 with deals totalling an estimated $1bn, Trading Risk understands.