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September 2008/1
  • Stoneheath downgraded
    Stoneheath Re, the Cayman Islands insurance special purpose vehicle established in 2006 by Bermudian (re)insurer XL Capital, has been downgraded by ratings agencies Fitch Ratings and AM Best. In resp
    31 August 2008
  • Moody's downgrades Ballantyne Re's unwrapped notes
    Moody’s Investors Service further downgraded the unwrapped tranches of beleaguered Scottish Re’s $2.1bn XXX reserve life securitisation, Ballantyne Re, citing mark-to-market losses in the
    31 August 2008
  • RenRe terminates sidecar
    Bermudian reinsurer RenaissanceRe Holdings Ltd has formally terminated its retrocessional sidecar Starbound Reinsurance II Ltd. The move prompted ratings agency AM Best to withdraw the “a&rdquo
    31 August 2008
  • RMS teams with Dresdner in cat swap contract
    Dresdner Kleinwort is marketing a catastrophe derivative contract in the capital markets, based on cat modelling firm Risk Management Solutions’ (RMS) new Paradex European Windstorm index, Trad
    31 August 2008
  • 2008 secondary trading volumes hit $3bn
    Secondary trading of insurance linked securities (ILS) reached $3bn to end- August, with “brisk, continuous trading” noted in the sector. For the first time in the history of the secondar
    31 August 2008
  • Macro funds sell out of ILS
    Brokers in the secondary market for insurance linked securities (ILS) executed a number of bid lists in August, as macro hedge funds chased higher returns in other, crisis-struck sectors of the capit
    31 August 2008
  • Carvill trades on $4bn FHCF deal
    Reinsurance broker Carvill saw growth in trading in its hurricane index on the Chicago Mercantile Exchange (CME) on news of the contingent liquidity deal struck between the Florida Hurricane Catastro
    31 August 2008
  • Aon buys Benfield
    Aon Corp has triumphed over its rival Guy Carpenter for the £844mn prize of Benfield Group, including its specialist corporate finance firm Benfield Advisory. If the acquisition is completed, then th
    31 August 2008
  • Sole traders bet on hurricane futures
    Derivatives broker GNI Touch is offering a service to UK high net worth individuals to enable them to trade IFEX event linked futures on the Chicago Climate Futures Exchange (CCFE). The target audien
    31 August 2008
  • Towers Perrin launches capital markets unit
    US reinsurance broker Towers Perrin has launched a capital markets operation specialising in risk-linked securities, retirement risk transfer transactions and asset risk management services. The unit
    31 August 2008
  • Euro wind bonds trade at discount
    A number of Eurowind cat bonds have been marked down in price on the secondary market, after failing to find buyers, according to senior market sources. Despite traders reporting the majority of cat
    31 August 2008
  • ILS market 'slows'
    ILS activity “slowed”, during the July reinsurance renewal season, with maturing cat bond capacity exceeding new issues by $700mn, according to broker Willis Re. In its mid-year reinsuran
    31 August 2008
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