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Credit Suisse US plan; Catco to raise $250mn; BlackRock targets cat bonds
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Returns from a group of cat bond funds tracked by Trading Risk produced an average 3.96 percent loss in the third quarter, plunging from the Q3 2016 figure of up 2.0 percent
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The California wildfires have prompted write-downs to aggregate cat bonds covering USAA and Nationwide, although the former has revised down year-to-date catastrophe loss estimates that had suggested a payout under one of its Residential Re deals, Trading Risk understands
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Brokers are pressuring ILS managers to stump up capital well ahead of the 1 January reinsurance renewal date following the string of third quarter catastrophe events, according to sources
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The 2017 catastrophe events have highlighted the extent to which ILS managers are benefiting from industry loss warranty (ILW) hedging, but market sources have questioned where the losses will ultimately fall as more clarity is gained over HIM claims in months to come
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Collateralised reinsurance fund strategies took losses of 10-20 percent in September, Trading Risk understands
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Reinsurance pricing seems to rely on a certain amount of collective signalling in as much as it does number-crunching - as underwriters gauge how far they can push rates without losing business, by looking for fear in the eyes of their opposition
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New York-listed Blue Capital Reinsurance Holdings has reported that it expects 14 percent of its projected 1 January 2018 shareholders' equity to be locked up as a result of third quarter catastrophes
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There will be significant volumes of ILS capital trapped at year-end, particularly in the retro segment, but out of this challenge the reinsurance market is looking for opportunities to spin out new products
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Prudential and affiliated companies under the M&G brand have lowered their stake in Markel Catco's London-listed Reinsurance Opportunities fund, according to a stock exchange announcement.
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Barbican is planning to raise £160mn ($209mn) of capital to fund a collateralised reinsurance vehicle that provides stop-loss retro cover to Lloyd's syndicates
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The Oregon Public Employees Retirement Fund (OPERF) reported that its holdings in two Nephila funds had increased by 0.8 percent in the first half of 2017 to reach $146.2mn at 30 June 2017.
