Secondary trading

Secondary market pricing on Glacier Re's troubled Nelson Re Class G notes slumped to around 7-10 cents to the dollar after Moody's Investor Service downgraded the $67.5mn US wind-exposed G tranche in late November on news of mounting losses from Hurricane Ike.

The near 200 investors, advisers and sponsors gathered in New York for Trading Risk’s annual executive briefing heard Swiss Re Capital Markets managing director Judy Klugman express the firm

The secondary market pricing of two cat bonds struck by the bankruptcy of total return swap (TRS) counterparty Lehman Brothers has increased by a third since mid-summer, after a rally in underlying c

GC Securities has launched a New York-based ILS trading desk to complement its index trading activities and to boost cat bond liquidity. The desk, which gained full approval in June, will be run by

Secondary trading accelerated towards the end of September, as ILS investors realigned their cat bond holdings in anticipation of $2.5bn of new issuance in the coming months. “Investors are tra

Secondary cat bond pricing has risen for the tenth consecutive week, according to Swiss Re, but Hannover Re still cited “attractive pricing” as a reason for repurchasing EUR30mn of its Me

Disappointing trading volumes in the brave new world of insurance-linked derivatives have pushed the world’s largest interdealer broker ICAP plc and insurance intermediary JLT to close their jo

The insurance-linked securities (ILS) sector produced returns of 3.89 percent for the year to end-June 2009, down from 10.12 percent the previous year, according to Aon Benfield cat bond indices. In

Bermudian mutual insurer Oil Casualty Insurance Co (OCIL) has repurchased $7,012,000 of the Class B notes of Avalon Re – its loss-stricken 2005 excess liability cat bond. The tender offer to no

Hannover Re has successfully repurchased a third of Merlin – its EUR95mn 2007 reinsurance recoverable securitisation – in the secondary market, Trading Risk can reveal. The German reinsu

Oil Casualty Insurance Co (OCIL) has extended to 4 September the deadline for its tender offer to repurchase up to $50mn of the Class B notes on its Avalon Re cat bond, Trading Risk can reveal. In Au

The world's largest interdealer-broker, ICAP plc, and insurance intermediary JLT have closed ICAP-JLT Ltd – their insurance-linked derivatives joint venture – as part of a restructuring w