Catastrophe bonds

Former Validus Re president George Reeth has launched a managing general underwriter in partnership with XL Catlin that will focus on delivering ILS market support to small to mid-sized companies seeking property insurance cover

Floridian carrier Heritage P&C has brought its Citrus Re 2016-1 bond to the ILS market, in an early start to the run-up to the 1 June renewal, sources told Trading Risk.

AIR Worldwide has calculated the official MultiCat Mexico cat bond payout at $50mn, according to Standard & Poor's.

PartnerRe's catastrophe segment posted a 27 percent year-on-year decline in 2015 underwriting profit, which came to $205mn, due to a $100mn downturn in earned premium income

Allied World has dropped its capital participation in funds managed by Aeolus to $200mn for 2016, from $350mn last year, CFO Tom Bradley said on an earnings call.

Australian insurer IAG has appointed a former Aon Benfield and Guy Carpenter broker as its new group general manager for reinsurance.

Stalwart cat bond sponsor USAA is testing out an unusual ILS structure through an Espada Re bond, sources told Trading Risk.

Everest Re sidecar Mt Logan's assets under management (AuM) reached $860mn in January 2016, up 25 percent from a year earlier

Blue Capital Reinsurance Holdings reported net income of $20.7mn for 2015, a 37 percent increase from the $15.1mn profit recorded a year earlier as it benefited from lower claims.

The US National Hurricane Center (NHC) has released its official report on Hurricane Patricia, which struck Mexico last October, with its new estimate of the storm's pressure upon landfall putting the MultiCat Mexico class C notes in line for a 50 percent payout.

RenaissanceRe CFO Jeff Kelly said on an earnings call that the carrier expects to post a 10 percent decline in its managed gross catastrophe premiums in 2016

Everest Re's Mt Logan sidecar posted a 70 percent increase in underwriting profits to $124.1mn for 2015, as it benefited from a 50 percent rise in net earned premium income.