Swiss Re

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.

The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.

He has taken on a role as senior property underwriter after a stint as portfolio manager at Axa’s ILS unit.

The executive will be replaced by Peter Elliott on an interim basis.

Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.

Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say

Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.

By setting up an asset manager, the reinsurer is competing with ILS firms on their turf.

The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.

Significant start-up moves this month included Kathleen Faries and Julia Henderson joining Lavant and Piers Cantlay signing up to join McGill.

Pricing has also been reduced below original spread ranges for both bond tranches.