June 2014/1

A "seismic shift" following the $1.5bn Everglades Re issuance led the Swiss Re Global Cat Bond Performance Price Return index down 0.7 percent during May, continuing several months of seasonal price tightening.

Capital market carriers provided a small slice of capacity for the $1.5bn insurance programme for the Port Authority of New York and New Jersey this year, sister publication Inside FAC has revealed.

The reinsurance market has been asking itself the dreaded "are we there yet" question for quite some time now as it waits to see when rates will stabilise.

With a number of Florida deals written early in the run-up to a competitive June renewal, TigerRisk broker Marc Lauricella said that reinsurance providers had demonstrated an increased willingness to provide flexible covers in 2014.

Several pension funds with significant investments in the ILS sector have been reducing their allocations to the asset class over the past year as spreads compress.

London-based ILS fund manager Securis Investment Partners has appointed Martin Reith to the newly-created role of advisory director.