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  • Lancashire is returning the bulk of capital raised for its $250mn Saltire Re I sidecar just three months after its launch, Trading Risk can reveal
  • Ariel veteran Don Kramer has hired two senior new executives to join his start-up fund manager ILS Capital Management after Jerome Faure and Alex Krutov left the organisation, Trading Risk can reveal.
  • Florida state insurer Citizens Property Insurance Corporation has approved a plan to transfer $30bn of coastal wind exposure to Floridian start-up insurer Weston Insurance Company.
  • Lloyd's would be open to accepting syndicates from other well-regarded alternative market reinsurers after approving a new syndicate backed by Nephila Capital, according to its director of performance management Tom Bolt
  • London-listed asset manager Catco kept its loss estimate for Hurricane Sandy steady at $140mn, according to its final full-year results.
  • RenaissanceRe expects to write about 5 percent less managed catastrophe premiums this year than in 2012, as it said the retro market had been particularly affected by new capacity during the January renewals.
  • Everest Re CEO Joe Taranto said the firm will not give up profitability in order to make its mark in the alternative reinsurance space as it fundraises for its $250mn Mt Logan Re sidecar.
  • Nephila Capital's new syndicate manager Adam Beatty said the fund manager's move into the Lloyd's reinsurance market shows how far the lines between traditional and alternative market reinsurers have blurred.
  • RenaissanceRe shrank its rated sidecar DaVinci Re by $150mn at the start of January through a share redemption programme.
  • The "commoditisation" of reinsurance and the influx of "hot money" into the sector could potentially weaken underwriting standards, Axis founder John Charman said at the InsiderScope event hosted by sister publication The Insurance Insider on Lime Street today.