Hurricane
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Lloyd's (re)insurer Beazley is considering issuing a catastrophe bond when it renews its retrocession programme in April 2014, according to Canaccord Genuity analyst Ben Cohen.
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Former CIG Re and New Castle Re founder Chris McKeown has been appointed CEO of New Ocean Capital Management, the investment management company set up by XL and Stone Point Capital earlier this year.
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Leading ILS fund manager Nephila Capital offered a $1bn reinsurance cover to the Florida Hurricane Catastrophe Fund (FHCF) this year, Trading Risk has learned.
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Military mutual insurer USAA is seeking $120mn of cover from its 21st cat bond Residential Re (2013-2) including a tranche of notes that would be one of the riskiest deals ever offered on the ILS market, Trading Risk understands.
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Average ILS fund returns for 2013 have reached 5.9 percent by the end of September, according to the Eurekahedge ILS Advisers Index.
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Swiss Re is looking to issue its second subordinated contingent write-off security this year which would cover the (re)insurer in the case of a decrease in solvency or an Atlantic hurricane event, Trading Risk understands.
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US Congressman Bill Cassidy has called a group of ILS experts together for a working group meeting on financing flood risk, to be held this Wednesday 18 September, Trading Risk understands.
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Switzerland-based ILS fund manager Solidum Partners has expanded its private cat bond portfolio for 2013, transforming regional US hurricane risk into $71.45mn of securities in three separate deals, Trading Risk can reveal
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RMS has said the Version 13 (V13) update to its Atlantic hurricane model showed that there was a 20 percent chance that US landfalling hurricanes could produce a storm surge loss that was greater than the wind-related impact.
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The robust pipeline of new cat bonds issued in 2013 led to high levels of trading on the secondary market during July, with some light trading continuing in the typically quiet month of August, sources said
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Opportunistic retro purchasing helped many (re)insurers cut back their exposure to major catastrophe events as they headed into the peak North Atlantic windstorm season.
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Montpelier Re's Blue Capital Global Reinsurance Fund has posted a 2.7 percent gain in net asset value over the first half of 2013.