February 2012/1

Goldman Sachs' head of structured finance Michael Millette is bullish on the cat bond outlook for 2012, forecasting a $7bn year for the market in comments made to Trading Risk.

You'll notice that this issue of Trading Risk has a new look, thanks to the great work of our designer Paul.

Retro sidecars gained traction in the January renewals as at least one new vehicle, RenaissanceRe's Upsilon, joined the starting line.

Bermudian collateralised reinsurance writer Aeolus raised and deployed about $1.2bn in capital over the past year as it evolved from a private equity partnership into a third party funds manager, Trading Risk can reveal.