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Dedicated cat funds - usually considered protection sellers of industry loss warranty (ILW) and cat derivatives contracts - have become buyers of cover in an effort to hedge heavy US wind exposures and potential Deepwater Horizon losses.
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Trading of 2010 catastrophe derivatives on the Chicago Mercantile Exchange (CME) and Chicago Climate Futures Exchange (CCFE) reached $44mn as the US wind season officially opened this month.
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After a challenging year for many of Florida's standalone homeowners' insurers, 1.6 renewals at least offered some comfort as the average cost of renewing programmes fell significantly against a backdrop of surplus capacity in the wider reinsurance industry.
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Ambitious plans to publicly float an evergreen reinsurance sidecar for the first time ran aground in early June as Catlin Group pulled the listing of Long Bay Re.
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A bumper May saw $1.55bn of US wind exposure hit the market through six cat bonds, in a last minute rush to place hurricane cover in the capital markets before the official start of the US storm season on 1 June.
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Market data
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Risk-picking and innovation key for traditional and non-traditional capacity to support troubled Sunshine State
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Cat bond placements are subject to a framework of strict rules and procedures that can confuse the uninitiated. Michael Madigan, a Sidley Austin partner and co-head of the firm's property and casualty alternative risk transfer practice, opens the door to the private placement club... -
In our regular ILW quarterly update, Willis Re executive director Henry Kingham sees capital markets capacity flooding the ILW market, but Chile halts the price decline...
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Longevity risk has threatened pension fund solvency in the UK for years and life reserves have been a drain on insurer's balance sheets due to US regulation. Can new capital market solutions be the elixir of life for pension funds and life insurers?
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Uncertainty around the economic cost of global warming is creating insurance-linked trading opportunities, say Pauline Barrieu and Leonard Smith.
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Strong 2009 performances and financial markets stabilisation have funnelled additional capacity into the convergence sector, with Axa and Q Re deploying new funds at the start of 2010.
