June 2013/1

Hiscox used its newly launched Bermudian special purpose insurer Kiskadee Re to complete several collateralised reinsurance transactions at the June renewals, Hiscox senior vice president Adam Alvarez told Trading Risk.

Scor Global Investments has raised $50mn for its Atropos ILS fund in the first third-party mandates to be awarded to the manager.

The six-year history of ILS fund manager Pentelia Capital Management is drawing to a close after former portfolio manager and final remaining staff member Mathieu Marsan left the company this month to join Lancashire.

Most cat bonds with exposure to aggregate tornado risk showed positive pricing movement between the start of May and early June after a spate of severe US storm strikes last month, according to pricing data obtained by Trading Risk.

The sustained seller's market in secondary cat bonds experienced in the first quarter has subsided after new issuance flooded into the market, but investor appetite remains strong, ILS traders have indicated.

LGT's insurance-linked strategies team have disclosed that the fund manager acted as the sole investor in a new private cat bond transaction in April.

The latest Residential Re bond from USAA was the only deal to close in the second half of May after a flurry of activity in the preceding six weeks.

Several diversifying bonds have been launched on the ILS market since the official 1 June opening of the hurricane season.

More detail has emerged on Everest's planned permanent sidecar Mt Logan Re, which will offer investors three different segments of risk

Tokio Solution Management and GC Securities launched a new platform this month designed to help smaller sponsors source capital markets reinsurance capacity and access an alternative to the Rule 144A process public cat bond.

Swiss investment manager Twelve Capital is set to take over managing Falcon Private Bank's ILS funds, bringing its total assets under management (AuM) close to $2bn.

Some ILS fund managers might make raking in new mandates look easy, but appearances can be deceptive - going into the sector is not a license to raise money.