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Average ILS fund returns reached 0.42 percent in October, according to the Eurekahedge ILS Advisers Index, after Hurricane Matthew had a small impact on several funds that invest in private reinsurance instruments
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The London market ILS framework needs to introduce clearer terminology on the requirement for transaction structures to be "fully funded" to avoid uncertainty, according to Clifford Chance, legal advisers to London Market Group's ILS working group.
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The UK Treasury has agreed to create a bespoke tax framework for ILS, as it published a new draft of regulations designed to attract such transactions to London.
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The New Zealand Super Fund maintained its reinsurance allocation at about $200mn in 2016, according to its annual report
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The Kaikoura earthquake that struck New Zealand last week will be more of a commercial insured loss than the largely residential 2011 Christchurch disaster, and could impact the direct and facultative reinsurance market
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The annual average insured catastrophe loss that can be expected on a modelled basis increased 7.5 percent in 2016 to $80bn, up from $74.4bn last year, according to AIR Worldwide.
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The California Earthquake Authority (CEA) is set to close its latest Ursa Re cat bond at $500mn in its largest ILS transaction to date, Trading Risk understands.
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The anticipated insurance coupon on a new cat bond from American Strategic Insurance has dropped 9 percent below initial targets, as ILS sponsors continue to benefit from acute investor demand in the fourth quarter
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The London-listed Blue Capital Global Reinsurance fund recorded a 0.2 percent drop in net asset value over October, as it took $6.8mn of losses that were primarily linked to Hurricane Matthew
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Nephila-backed managing general agency Velocity Risk Underwriters said it has begun writing coastal wind-only insurance policies for homeowners that may have been previously insured by the Texas Windstorm Insurance Association (TWIA).
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The $49bn Pennsylvania Public School Employees' Retirement System (PSERS) pension fund selected RenaissanceRe as its third ILS manager in the 2015-2016 financial year, according to its annual report.
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Bermudian Class 3 insurer Iris Reinsurance is to publicly report its net asset value (NAV) on a monthly basis, the company announced.
