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  • A drop in reinsurance prices caused by an influx of third-party capital into the sector is "good news" for mutual insurers, as they rely heavily on reinsurance to help them absorb big losses, a senior Willis Re executive said
  • French-based insurer Axa has returned to the cat bond market after a two-year hiatus to issue a new European windstorm bond, Trading Risk understands.
  • Swiss Re is looking to issue its second subordinated contingent write-off security this year which would cover the (re)insurer in the case of a decrease in solvency or an Atlantic hurricane event, Trading Risk understands.
  • Jardine Lloyd Thompson (JLT) has agreed to buy the reinsurance broking arm of consultancy group Towers Watson for $250mn in cash, the London-based broker said today (20 September)
  • The London-listed Blue Capital Global Reinsurance Fund has capped its upcoming fundraising at a maximum of $100mn, the Montpelier Re-backed company told investors this morning (20 September)
  • Deutsche Bank has added to its new ILS asset management team with the hire of former Lockton Re broker Adam Sayers.
  • Credit Suisse added a small amount to its loss reserves for Superstorm Sandy as it closed a sidepocket of shares in the London-listed DCG Iris fund that was set up after the storm hit New York last year
  • Greg Richardson has taken up the role of acting head of retro property reinsurance at Markel Global Reinsurance, just three months after leaving the firm when it acquired Alterra Capital.
  • ANV Syndicate Management, the Lloyd's operation backed by the Ontario Teachers' Pension Plan, has bought out part of Pat Ryan's interest in Jubilee Managing Agency as the two operations merged.
  • Scor estimated that recent German hailstorms will cost the (re)insurance industry around EUR3bn, as it put its own losses from the event at EUR50mn after retrocession and reinstatements, and before tax.