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Specialist investors continue to dominate the ILS landscape but hedge funds have increased their participation after buying new issuance in the past year in response to higher-yielding deals on offer, Aon Securities said in its annual review of the sector.
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Markel Catco said August returns for the Catco Reinsurance Opportunities Fund would be impacted by a loss from the Jubilee oil field event totalling a 3.5 percent hit to net asset value (NAV).
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Aon Securities said that it expected cat bond issuance in the second half of 2016 to be similar to recent years after a slower first half, forecasting total volumes for this year of $5bn-$6bn.
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Weather risk has come back into the ILS spotlight with the launch of a Market Re private cat bond that uses a parametric trigger to cover a warm European winter event.
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Allianz Risk Transfer's latest Market Re private cat bond has fallen behind schedule as the company looks to raise weather reinsurance from the ILS market for the first time since 1999, Trading Risk understands.
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The Blue Capital Global Reinsurance Fund reported an 0.2 percent drop in net asset value per share in the first half of 2016, excluding the impact of dividends, after taking $7.4mn of catastrophe losses in the period.
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Validus recovered $81mn of its Canadian wildfire and Jubilee oil field losses from the retro market in the second quarter, including via a non-elemental marine industry loss warranty
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Beach & Associates has signed up for a Property Claim Services license for industry loss warranties (ILWs).
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Hedge fund re model cracks; ILS rates gain 1.6%; US June storms cost $350mn; PCS cat index; Gen Re partners with TransRe; CSU lifts storm forecast; Gator Re value; China cat insurance
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ILS rates rose 1.6 percent during the second quarter, following a much stronger 7.5 percent gain in Q1, according to Lane Financial's rate-on-line index.
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The use of PCS loss index triggers increased 27 percent in the second quarter to make up $1.7bn of cat bond volumes, and represented nearly 70 percent of all North American issuance, the firm said (6 July).
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May catastrophe events, including the Canadian wildfires and US and European storms, are expected to cost (re)insurers at least $7bn, Impact Forecasting said in its monthly cat report
