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  • Chicago-based ILS fund manager Elementum Advisors has signed up two executives to new roles which the firm says will significantly strengthen the depth of its legal and operational infrastructure.
  • Florida state insurer Citizens Property Insurance estimates that it saved nearly $50mn and gained "staggering" benefits on its 2012 reinsurance spend as it came out fighting to defend its spending on travel.
  • Third Point Re hopes to launch its planned property cat sidecar ahead of the 1 January renewals next year as it prepares to seek third party capital for the off-balance sheet vehicle, sister publication The Insurance Insider reported today.
  • London-listed collateralised retrocessionaire Catco has reported a 5.3 percent increase in net asset value to $357.9mn for the first half of the year as investment gains on its 2012 portfolio offset loss creep from 2011 catastrophes.
  • The $50mn unrated class C tranche of multi-peril cat bond Combine Re has not been triggered by cedant Country Mutual Insurance Company's US thunderstorm losses, sources have confirmed.
  • Retrocession underwriter Bryan Bumsted has joined Bermudian start-up Third Point Re to drive underwriting at the reinsurer's property catastrophe unit, which is expected to write business off balance sheet
  • The National Oceanic and Atmospheric Administration (NOAA) has raised its prediction for 2012 storms despite the expected transition to El Niño weather patterns, which tend to lower hurricane activity
  • Moody's has cut the rating on a $50mn tranche of the Combine Re cat bond by a notch from Ba3 down to B1, due to thunderstorm losses incurred by cedant Country Mutual Insurance Company
  • Bermudian reinsurer RenaissanceRe wrote $37.7mn of gross premiums from its Timicuan Re III sidecar in the June renewals, despite cat pricing coming in lower than expected
  • Greenlight Capital Re reported a net loss of $36.1mn for the three months to 30 June as investment losses eroded some of the company's first-half profit.