June 2014/1
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The first two cat bonds to come to market after the hurricane season opened provided an indication of continued pressure on spreads.
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Can the Sharpe ratio be applied to ILS?
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The US Commodity Futures Trading Commission (CFTC) issued a letter last month that suggests that directors of catastrophe bond issuers may have to seek no-action relief from the CFTC from registration as commodity pool operators (CPOs).
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As the property cat reinsurance market continues to soften, many state-backed US insurance pools are significantly expanding their levels of cover.
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Caelus Re sponsor Nationwide has successfully placed a four-year tranche of cover on its traditional reinsurance programme, highlighting the trend for carriers to provide multi-year placements, sister publication The Insurance Insider has revealed.
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This year's Florida renewals were characterised by a significantly wider range of quoting behaviour than in 2013, brokers said.
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Universal retains more risk; RenRe partly places Florida retro; Heritage takes on Sunshine policies
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Bermudian reinsurers have taken advantage of falling rates and ceded a significantly higher proportion of their business to retro writers in the first quarter of 2014, according to analysis from sister publication Inside Data.
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In this special project, Trading Risk worked with modelling agencies to highlight the range of expected loss outcomes from cascading annual aggregate cat bonds.
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The Coca-Cola Company's pension fund has a 5 percent allocation to the ILS sector spread across two mandates, including London-based ILS fund manager Securis Investment Partners.
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US insurer Travelers is being considered as a potential strategic partner for the proposed Bermudian start-up reinsurer Golub Capital Re as it continues to work toward a targeted summer launch.
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The price of the $500mn Tar Heel 2013-1 cat bond has fallen faster than the rest of the market in recent months, pricing sheets obtained by Trading Risk show.
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A "seismic shift" following the $1.5bn Everglades Re issuance led the Swiss Re Global Cat Bond Performance Price Return index down 0.7 percent during May, continuing several months of seasonal price tightening.
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Capital market carriers provided a small slice of capacity for the $1.5bn insurance programme for the Port Authority of New York and New Jersey this year, sister publication Inside FAC has revealed.
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The reinsurance market has been asking itself the dreaded "are we there yet" question for quite some time now as it waits to see when rates will stabilise.
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With a number of Florida deals written early in the run-up to a competitive June renewal, TigerRisk broker Marc Lauricella said that reinsurance providers had demonstrated an increased willingness to provide flexible covers in 2014.
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Several pension funds with significant investments in the ILS sector have been reducing their allocations to the asset class over the past year as spreads compress.
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London-based ILS fund manager Securis Investment Partners has appointed Martin Reith to the newly-created role of advisory director.