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Prices in the secondary trading market are being depressed by a flurry of keenly priced new cat bonds in the fourth quarter and an element of seasonality as the US wind season closes
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Pricing on American Family Mutual's Mariah Re 2010-1 cat bond increased slightly on news that the notes were to suffer an $11.6mn loss
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Two new cat bonds remain in the market at the time of going to press - a $125mn US multi-peril Residential Re offering from repeat sponsor USAA and a $275mn Compass Re issuance from Chartis division National Union Fire Insurance Company (NUFI)
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LS investors snapped up a trio of cat bonds that closed above target on tight pricing in the past month
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Swiss-based ILS fund manager Solidum Partners will issue a new private cat bond off the back of its participation in the California Earthquake Authority (CEA)'s 2012 reinsurance programme, Trading Risk can reveal
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Collateralised reinsurers stand to benefit from expected strong demand for aggregate covers at the 2012 reinsurance renewals, as (re)insurers seek to protect their earnings amid heavy cat loss accumulations
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Investment manager GAM has added a new cat bond fund to its range of ILS products managed by Fermat Capital Management.
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A panel of (re)insurance industry executives advised reinsurance buyers to limit exposure to capital market capacity, questioning the long-term commitment of some investors in the sector.
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Swiss Re Capital Markets hopes to attract more institutional investors to back industry loss warranty (ILW) capacity as it mulls setting up a platform to transform the derivative contracts into bond format, managing director Judy Klugman has said.
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Ratings agency Standard & Poor's (S&P) said it expected the Mariah Re 2010-1 notes to start incurring losses as it downgraded their rating to CC
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A number of insurance-linked investment managers are locked into the bitter final stages of a beauty parade, seeking to attract the attention of pension fund investors to secure further inflow of capital for the remainder of the year.
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Chicago-based insurance-linked investment manager Elementum Advisors has launched a Bermudian management firm, Trading Risk can reveal.
