December 2015/1

Swiss ILS fund manager Twelve Capital confirmed that it has closed its Twelve ILS cat bond fund, as it consolidates its range of Ucits funds.

The record-setting 2014 was always going to be a hard year for the cat bond market to follow in terms of business volume

Catastrophe bonds were yielding about 16 percent more year-on-year by the end of November, according to RMS data.

There were fewer buyers of cat bonds near maturity this year than in 2014, making it more difficult for sellers looking to trade out of positions ahead of the January renewal season, sources told Trading Risk.

The ILS market is expecting a final verdict on the MultiCat Mexico class C notes in the coming weeks as "best track" data on Hurricane Patricia is expected to be released in January.

Reinsurers dominated the quartet of cat bond sponsors that have launched new deals since late November, collectively targeting at least $550mn in total volume that would take 2015 issuance to more than $7.56bn.

Michael Millette's Hudson Structured Capital Management is close to launching its first reinsurance fund in the New Year and recruiting underwriting staff, Trading Risk understands.

Some might argue that sartorial traces of the 1970s or 80s cling to the reinsurance industry: the slipcases overflowing with papers, the Monte Carlo polo tops, the lunch-bedaubed shirt on a Friday afternoon.

The timetable for the launch of the joint venture reinsurer planned by Axis and Blackstone has been delayed into 2016, it is understood.

Aon establishes facility; Catco completed; UK flood losses £250mn-£325mn; Oppenheimer fund gains 4.93%; Blue Capital reduces net return target; Record hurricane season...

A number of reinsurer sidecars are expected to expand in 2016 as investor demand continues to be strong despite a softening in prospective returns, sources told Trading Risk.

The $18bn merger between Willis and Towers Watson has been approved by their respective shareholders, despite proxy firms advising Towers Watson investors to vote against the deal.