Trading Risk June 2017

LGT ILS funds; Wilton Re buys Aegon US run-off businesses; Cat bond funds reopen

The final version of the Insurance Open Protocol has cut back the frequency of reporting it requires from ILS managers in response to feedback received during the consultation period.

Larger residual insurers were among cedants that prospered in the June renewals from competition for US property catastrophe reinsurance business.

Allstate reduced its traditional limit when it renewed its $4.42bn nationwide catastrophe reinsurance treaty at the mid-year renewals, after having cover up to $4.55bn last year, sister publication The Insurance Insider reported.

Switzerland-based asset manager Plenum has discontinued its partnership with Sequant after marketing a new non-catastrophe ILS fund with the Bermuda asset manager last year, Trading Risk can report.

Forecasters are predicting an average to above-average 2017 Atlantic hurricane season, as debate continues over whether a longer-term shift to a phase of reduced activity is underway.

JLT Re said that "renewed vigour" from ILS markets looking to deploy capital contributed to a step-up in reinsurance rate reductions at this year's 1 June renewal.

The main factors in this year's "double-dip" Florida reinsurance renewal were abundant supply, reduced demand from several key buyers and uncertainty over model changes.

Legal & General has hired Pretty Sagoo from Deutsche Bank as head of strategic business in its pension risk transfer team.

Scor has appointed Wolfgang Murmann to the new role of head of longevity for Europe (excluding the UK), the Middle East and Africa.

JLT Re has appointed John Paulsen as senior vice president in Chicago with a remit to expand the company's business in the Midwest.

Jason Carne, the former ILS practice leader at KPMG Bermuda, has joined Hudson Structured Capital Management as an adviser, focusing on providing guidance on valuations and reinsurance.