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March 2010/1
  • Crystal Credit still on course for default
    Ratings agency Standard & Poor's (S&P) has affirmed that Swiss Re's 2007 Crystal Credit bond is on course to default.
    10 March 2010
  • Hannover Re secures $500mn life credit line with Deutsche Bank
    Hannover Re has completed a $500mn letter of credit facility with Deutsche Bank to support further expansion into the US life reinsurance sector.
    10 March 2010
  • RenRe braced for capital markets competition
    Bermudian reinsurer RenaissanceRe expects an increase in capital markets products to pose a growing threat to traditional reinsurance in 2010.
    10 March 2010
  • Longmore closure completes Goldman’s life settlements withdrawal
    Investment bank Goldman Sachs has completed its wholesale withdrawal from the life settlements (LS) market by closing its Longmore Capital life policy-sourcing vehicle to new business and selling down its stake in joint venture trading platform Institutional Life Services (ILS).
    10 March 2010
  • Xynthia poses first test for Perils loss index
    The Perils European industry loss index is facing its first live loss assessment since its launch in December last year, as it races to collate loss data from last month's European Windstorm Xynthia.
    10 March 2010
  • Chile quake drives non-peak ILW demand
    Industry loss warranty (ILW) brokers have experienced a rise in demand for ILW cover outside of the peak zones after the magnitude 8.8 earthquake that rocked Chile on 27 February.
    10 March 2010
  • Exchanges in cat futures transformer talks
    The Chicago Mercantile Exchange (CME) and Insurance Futures Exchange Services (IFEX) are believed to be in talks with risk transformer vehicles to offer exchange-traded insurance derivatives in (re)insurance form.
    10 March 2010
  • Pension Corp in £300mn longevity hedge; market predicted to double in 2010
    Construction company Aggregate Industries has become the latest UK corporation to hedge its pension longevity risk, in two deals worth £300mn, with Pension Insurance Corporation (PIC).
    10 March 2010
  • UBS rides resurgent XXX market
    Investment bank UBS is believed to be structuring a $500mn+ life insurance securitisation, joining the ranks of banks profiting from the market's resurgence in the wake of the global financial crisis.
    10 March 2010
  • Coventry backs Kus’ Traymar ILS platform
    Life settlement market pioneer The Coventry Group has formed a strategic partnership with Traymar Capital - the investment management platform of ex-RBS executives Henry Kus and Bjorn Schmolk.
    10 March 2010
  • Goldman offers $200mn of Northwind life deal in secondary market
    Goldman Sachs is offering up to $200mn of its holding in Unum Group's $800mn Northwind embedded value life securitisation for sale in the secondary market at an approximate 20 percent discount to par.
    10 March 2010
  • Perils Euro wind trigger launched on Successor X
    Swiss Re has launched four new tranches of its long-running Successor series of cat bonds, including one European wind tranche triggered by untested industry loss index Perils.
    10 March 2010
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