April 2010/1

Munich Re’s four-year wind bond Eos Wind Limited has shrunk to $80mn from the $100mn of capacity initially planned, Trading Risk can reveal.

Stephen Breen and Patrick Gonelli have left interdealer broker Tradition Re to join US reinsurance brokerage TigerRisk Partners, Trading Risk can reveal.

US insurer Nationwide Mutual has returned to the ILS market with a $200mn renewal of its 2008 Caelus Re cat bond.

The Trading Risk Awards 2010 finalists have been decided following deliberations by the judging panel today (28 April).

US insurer Chartis is marketing a $250mn US wind cat bond, Lodestone Re, which will take the volume of closed and pending ILS capacity in 2010 over the $1bn mark, if successful.

A sluggish first quarter saw total ILS issuance of $300mn, or just 50 percent of levels seen in the same quarter of 2009, according to Aon Benfield Securities. 

Former Swiss Re executive William Dubinsky will head the ILS team at Willis Capital Markets and Advisory (WCMA) as the broker moves to

Life reinsurance could account for half of Hannover Re’s business by 2013, chief financial officer Roland Vogel has said, unveiling plans that may boost life risk transfer to the capital markets. 

North Carolina's state-backed catastrophe insurance plans – the Joint Underwriting Association and the North Carolina Insurance Underwriting Association, (NCJUA/IUA) – are marketing Johnston Re, a $200mn renewal of the 2009 Parkton Re tr

Bermudian headquartered (re)insurer Catlin intends to form a new sidecar, Long Bay Re, which it will list on the London Stock Exchange’s (LSE) junior platform, AIM.

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...

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?

Uncertainty around the economic cost of global warming is creating insurance-linked trading opportunities, say Pauline Barrieu and Leonard Smith.

Solvency II delay possible; Property Claims Service launched for Canada; RenRe's sidecar keeps its A+ rating; S&P launches ILS page

Lobbyists for financial firms are attempting to water down language in the Volcker proposal, which would ban proprietary trading at US banks.

Five substantial life settlements books are currently up for sale, Trading Risk understands, with JP Morgan looking to close a $2bn portfolio.

Investment in catastrophe bonds looks set to broaden as Intelectia Capital launches a cat bond fund compliant with the European Undertakings for Collective Investment in Transferable Securities (UCITS) III directive.

Mercer's multi-manager funds are partnering with Credit Suisse to offer an ILS investment strategy as part of an Australian-domiciled unit trust for wholesale investors.

The exceptional level of catastrophe losses in the first quarter of 2010 showed little impact on reinsurance rates at the 1 April renewals.

Reported loss estimates for the Chile earthquake have breached the $4bn mark, according to the 30 or more forecasts released by the industry to date.

Goldman Sachs has completed two separate sales of its holding in Unum Group's $800mn Northwind embedded value life securitisation in the secondary market, at an approximate 20 percent discount to par, Trading Risk can reveal.

Just two cat bonds with values of less than $500mn were issued in March, marking a sluggish start to the cat bond season and taking year-to-date total ILS issuance to $650mn.

Convergence rainmakers focused on new growth areas at the 2010 SIFMA conference last month...

UBS and Credit Agricole will boost the life market in Q2 with deals totalling an estimated $1bn, Trading Risk understands.