Secondary trading

An estimated $2-2.5bn of cat bond capacity has been traded in the secondary market to date in 2009 – outstripping the $1.8bn of new issuance of insurance-linked securities (ILS) by 40 percent.

The received wisdom is that 2009 insurance-linked securities (ILS) issuance has been held back by the mismatch between capacity in the alternative and traditional reinsurance markets.  It is difficul

 Swiss insurer Zurich Financial Services (ZFS) has confirmed receipt of $128.5mn in paid claims from its $190mn KAMP Re cat bond, sparking a flurry of trading interest in the distressed notes. Pricin

Oil Casualty Insurance Co (OCIL) has launched a dutch auction to repurchase up to $50mn of the outstanding $135mn Class B notes on its 2005 excess liability cat bond Avalon Re, for up to $42.5mn. The

A $100 investment in insurance-linked securities (ILS) in 2002 would be worth $171 today, according to a report from broker dealer Lane Financial, with the firm’s cat bond return index showing

Traditional US reinsurance markets have recently shown significant capacity constraints, driving reinsurance rates upward and supporting catastrophe bond pricing at high levels. Reinsurance rates for

A clear pipeline for new cat bond issuance in early June proved a fillip for secondary trading, with volumes and pricing increasing on US and non-US peril bonds. “In the first ten days of June

Insurance-linked securities (ILS) sponsor USAA – which issued its thirteenth consecutive cat bond last month – has set a new disclosure standard for (re)insurers by posting data on all of

Secondary market pricing on two Ike-exposed cat bonds - Allianz’s $120mn Blue Coast and Glacier Re’s Nelson Re Class G notes - fell by an average 12 percent in the first quarter of 2009,

Trading Risk has partnered with Swiss Re to publish its proprietary cat bond index on a regular basis. Look out for regular data and commentary on ILS performance in our newsletters and on our websit

Despite mutterings of discontent in some corners of the investor community on loss-stricken liability cat bond Avalon Re, secondary market pricing still reflects only an anticipated partial loss on t

German insurance giant Allianz’s Blue Fin II cat bond – which increased in size to $180mn last week – was over-subscribed at its close yesterday (14 April). The US wind and quake bo