February 2009/1

The Irish Financial Regulator (IFR) initially declined to authorise the special purpose reinsurance vehicle (SPRV) Atlas V Re Ltd in February, in a show of teeth that delayed the issuance of the firs

Swiss Re is probing all sectors of the trading risk universe in an attempt to hedge layers of the $1.55bn of exposure it assumed on the California Earthquake Authority (CEA) reinsurance programme in

  Allstate-sponsored $250mn cat bond Willow Re paid only 91 percent of its latest interest payment, triggering ratings agencies Standard & Poor’s (S&P) and AM Best to downgrade the notes, citin

The recent downgrade of Allstate’s Willow Re and reset of Hannover Re’s Globe Re  on the basis of collateral performance have heightened scrutiny on cat bond  structures, raising the ques

Swiss Re's Jacques Aigrain stepped down as CEO as the firm's share price plumbed new depths in early February.   Investors deserted the stock following a package of measures to shore up the reinsurer

Capital markets capacity providers will emerge as winners as traditional markets seek alternative sources of capital in the face of major 2008 balance sheet losses.   With the 2008 results season now

Asset values in the collateral account of Hannover Re’s $133mn hybrid sidecar vehicle Globe Re have fallen, triggering a “new mark-to-market collateral arrangement”.   Deutsche Bank

The class B notes of Catlin-managed catastrophe collateralised debt obligation (CDO) Bay Haven have been upgraded to A by S&P as the bond nears maturity with no sign of loss.   Ratings agency S&P upg

The insurance-linked derivatives market is expected to operate on standard contract documents “within months”, allowing cat swaps, futures and options to be traded more transparently, eff

Property Claim Services (PCS) has raised its estimate for onshore insured losses from Hurricane Ike by a further $900mn to $11.5bn, but the figure continues to conflict with loss projections from wit

Distress in the financial markets in 2008 caused secondary trading volumes to outstrip primary issuance more than twofold as credit risk seeped into the sector and de-leveraging hedge funds were forc

Citadel’s CIG Re and New Castle Re’s 2007 $500mn all-debt sidecar vehicle, Emerson Re, has been terminated as the hedge fund significantly scaled back its presence in the (re)insurance ma