Casualty/GL

Cayman Islands start-up reinsurer Southport Re is to be sold to Lennox Investments LLC for an undisclosed sum, according to reports.

Questions have been asked about the future of Cayman Islands start-up reinsurer Southport Re due to concerns over the quality of assets it has been using to collateralise its underwriting, sister publication The Insurance Insider has reported

The new generation of casualty reinsurers backed by asset managers potentially offer a broader proposition than previous hedge fund initiatives. But they must be able to demonstrate long-term commitment to win over buyers, says Andrew Newman, head of casualty at Willis Re.

It's maybe a bit ironic for the editor of a convergence magazine to be sceptical of the impact that new capital vehicles will have on the market.

US insurer State Farm Fire & Casualty has returned to the cat bond market with the latest Merna Re deal, seeking $300mn in protection for central US quake risk, Trading Risk understands.

Arch Capital has launched a multi-line reinsurance company, Watford Re, in partnership with Highbridge Capital Management, thereby joining the ranks of other hedge fund-backed reinsurers to set up in Bermuda such as PaCRe and Hamilton Re.

Everest Re's sidecar Mt Logan Re has appointed David Whiting as chief underwriting officer.

Collateralised reinsurer Southport Re has appointed former Ace executive Brandon Young as chief operating officer.

Tower Watson Capital Markets has launched a new database of casualty tort information to entice the alternative reinsurance sector into the casualty risk space

Two hedge-fund start-up vehicles have been broaching new territory in the reinsurance sector, one providing a platform for hedge funds to enter the space and the other delving into long-tail casualty lines

Capital market reinsurance needs to develop so that it is "a bit more 3D", said Towers Watson Capital Markets CEO Martin Davies, as the firm announced the launch of a new database of casualty tort information

SAC Re CEO Simon Burton says the key to the firm's successful fundraising has been repackaging its combination of (re)insurance and investment risk to appeal to investors dissatisfied with the currency on offer from traditional reinsurers