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The price of US wind industry loss warranty (ILW) instruments has fallen by up to 40 percent year-on-year for the 1/1 renewal season, with average rates on line (RoL) reducing around 25 percent over the prior year across all perils.
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European (re)insurers face an average 70 percent increase in solvency capital requirements (SCR) from changes to implementation measures for the European regulatory standard proposed over the past six months.
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Dutch conglomerate ING has completed an $825mn Regulation XXX life transaction, backed by a new collateral facility from Bermudian firm Karson Management.
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Cat bond market conditions are expected to be "very favourable" in 2010, leading to around $5bn of new issuance, according to industry experts.
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A record $1.7bn ILS issuance in Q4 fuelled by 30-40 percent falls in cat bond pricing took total 2009 ILS issuance to $3.5bn in the form of 19 transactions (see table).
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Three deals closed in late December with a combined capacity of $875mn -demonstrating strong investor demand for the ILS product.
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Goldman Sachs Group has ceased to run its life settlement longevity index QxX due to poor take-up, Trading Risk can reveal.
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Reinsurers gave in to a controlled reduction of prices at the 1 January renewal, with prospects for any generalised upturn unlikely in 2010, according to leading reinsurance brokers' reports.
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Rating agency Standard & Poor's (S&P) has affirmed its A+ credit rating on RenaissanceRe affiliate and property catastrophe reinsurer DaVinci Re, with a stable outlook.
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Swiss Re has insured SFr1.7bn of longevity risks for the Royal County of Berkshire pension fund (RCBPF) in the first pure longevity risk transfer undertaken for any government body worldwide, according to the firm.
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Natural catastrophe activity remained near the levels of the previous two years in 2009, though in the absence of a significant fallout from a US hurricane this season insured losses were in the region of only $20bn, according to the latest research from Aon Benfield.
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The newly launched PERILS European windstorm industry loss index has been chosen as the trigger on two industry loss warranty (ILW) contracts.
