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While they are still reeling from losses in Chile and New Zealand last year, cat funds are now facing a disproportionate share of losses from the recent flooding and windstorms in Australia
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Standard & Poor's (S&P) has lowered the ratings on four Japanese insurers, including convergence risk transformer Tokio Millennium Re (TMR), on the back of a Japanese sovereign rating downgrade
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Capital continued to flow into the convergence sector in 2010, as a benign natural catastrophe loss environment and evidence of non-correlation with the broader financial markets caught the attention of both institutional and retail investors.
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Insurance-linked derivatives remain marginal but effective hedging tools
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2010 wasn't the stereotypical "game of two halves" for the ILS market - it was all about two lightning-paced quarters that racked up sales figures, putting the market in a solid position to challenge the peaks of 2006/07 in the year ahead.
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Major insurance-linked investor Credit Suisse Asset Management (CSAM) has withdrawn more than $400mn of industry loss warranty (ILW) capacity as pricing falls, Trading Risk can reveal.
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Scor files Atropos fund docs; Aviva joins LLMA; Alternative providers enter US life reinsurance market
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The investment banking arm of broker Willis has predicted at least $6bn in ILS issuance for the coming year, building on strong 2010 performance which saw $4.8bn of non-life natural catastrophe bonds placed in the capital markets.
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US wind prices on industry loss warranty (ILW) contracts have dropped by as much as 20 percent for certain triggers after the close of the hurricane season, according to broker Aon Benfield Global ReSpecialty.
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More than $1bn of cat bond and industry loss warranty (ILW) capital has been placed in 2010 using the Perils European industry loss index as a trigger.
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Swiss banks Clariden Leu and Falcon Private Bank have launched UCITS III cat bond funds, hoping to raise $200mn and up to $500mn respectively, Trading Risk can reveal.
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Tokio Millennium Re plays a vital role in facilitating many insurance-linked capital markets transactions. The firm's senior vice president, Kathleen Faries, tells Trading Risk how she views the convergence market...
