Trading Risk June 2018

There has been a downturn in the number of Florida-only cat bonds in the second quarter of this year, with only two Sunshine State deals compared to the five issued last year, as local sponsors expanded the scope of their cover.

Hatteras Funds, a North Carolina-based alternative asset manager, has launched the fifth new ILS strategy this year and joins a trend of more feeder funds being set up in the asset class.

The Bermuda-listed vehicle was established with $45mn raised from investors, with the remaining $5mn coming from the insurer itself.

Senior Scor executive Paul Hertelendy is expected to take up a new role at Credit Suisse’s insurance-linked strategies team, Trading Risk can reveal.

Tropical Storm Risk (TSR) said there was a high chance that 2018 hurricane activity would fall within the lowest one-third of years since 1950.

Willis Towers Watson has invested in a platform designed to support new managing general agencies (MGAs), sister publication The Insurance Insider reported.

Axa has said that XL’s reinsurance platform and access to alternative capital were among the attractions in tying up with the carrier.

London-based start-up Akinova is developing an electronic trading platform for (re)insurance risk and is planning to start with listing a version of an industry loss warranty (ILWs) called an “AELO” – an Akinova Event Linked Option.