Shrinking hedge fund Pine River Capital Management has shut its ILS desk, joining the ranks of generalist asset managers that have retrenched from the sector, Trading Risk revealed this month.
Managers of Bermudian special purpose insurers (SPIs) are taking steps to upgrade their vehicles to Solvency II-equivalent structures, following the introduction of new German regulations last year that made it more difficult for non-European reinsurers to conduct business in the country.
Hurricane Harvey had much less of an impact on the cat bond market than last year's Matthew, but its quick intensification also left less time for livecat traders to manoeuvre ahead of the event.
