January 2015/1
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Everest Re's Mt Logan Re sidecar wrote $138.4mn of gross premium in 2014, helping the group's reinsurance top line to rise by 12 percent to $4.39bn
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The temporary lapse of the US Terrorism Risk Insurance Program Reauthorisation Act (Tripra) over the Christmas period highlighted the market shortage for terrorism (re)insurance cover.
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The US Commodity Futures Trading Commission (CFTC) issued a letter last month that provides relief from registration for entities characterised as the commodity pool operators (CPOs) of ILS issuers.
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Stone Ridge Asset Management's fleet of sidecars made an average gain of 8.2 percent in the three months to 31 October, according to the manager's latest annual report.
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Munich Re has lined up $365mn of retro support from two Eden Re sidecars for 2015.
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Brisbane hailstorm losses pass $1bn; TWIA proposes depop programme; Third Point Re puts $25mn in Kiskadee; Nat cat losses down in 2014; Health tech firm backs Sequant Re; Securis sets up Lloyd's fund; Pine River Re terminated; CSAM partners with Tamesis
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XL Group CEO Mike McGavick said that the company's £2.79bn ($4.20bn) deal to acquire Catlin will create a top 10 reinsurer with expanded alternative capital capabilities.
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Retro writer CatCo recorded 14 percent growth in net asset value (NAV) last year for its London-listed fund.
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DE Shaw continued to cut back the amount of catastrophe limit it deploys as retro rate reductions again outpaced the slide in the underlying reinsurance markets, sources said.
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Within the retro market, industry loss warranty (ILW) rates have been pared back to the point that many non-US contracts are now being quoted below expected loss cost using RMS-modelled figures, various market participants said.
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Liberty Mutual placed a tranche of three-year property catastrophe reinsurance cover as it secured a rate reduction of 8-10 percent on its renewing business, sister publication The Insurance Insider discovered.
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Pressure on terms and conditions continued at the renewals, but LGT ILS Partner's Michael Stahel said that many requests were for "grey zone" cover in which it was difficult to quantify the risk.