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  • Hedge fund-backed start-up SAC Re has hired Tim Duffin from Bermudian reinsurer Platinum Underwriters to be the firm's deputy property cat underwriter alongside Kathleen Reardon, Trading Risk understands.
  • The convergence market needs to strike a balance between catering to institutional investors seeking simple risk transfer structures and cedants wanting broader indemnity reinsurance coverage, according to Deutsche Bank director Michael Halsband.
  • Reinsurers entering the convergence market to compete for fundraising alongside specialist ILS fund managers have still not developed a trader's mentality, Horseshoe Group CEO Andre Perez said at the annual Trading Risk New York Rendez-Vous held yesterday.
  • Investors need to be more accepting of indemnity loss triggers and non-modelled perils if there is going to be significant growth in the convergence market in 2013, Aon Benfield Securities CEO Paul Schultz warned today.
  • Florida's state-backed insurer Citizens is planning to re-enter the cat bond market in 2013 with an additional $250mn placement, after making its debut this year with the $750mn Everglades Re transaction
  • Munich Re has brought out a new Queen Street VII Re offering that is almost an exact replica of Queen St VI Re, Trading Risk understands
  • The two bonds currently being marketed to prospective investors include an innovative transaction where mortality risk is combined with property catastrophe risk in a single tranche
  • Earlier this year Travelers completed its third cat bond - and its first on an indemnity basis. Scott Belden tells Trading Risk that he is impressed by the ILS market's maturity, but that traditional partnerships are still at the heart of his reinsurance strategy
  • Capital market providers are largely creating new reinsurance demand rather than carving out capacity from the traditional market, Nephila Capital co-founder Frank Majors said at an ILS panel hosted by Munich Re at the Monte Carlo Rendez-Vous last month
  • Absent a shock loss in the final months of the year, premium rates are expected to slide at the key 1 January renewal, when upwards of half of all property catastrophe reinsurance business renews, Trading Risk understands