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  • With a strong showing at the mid-year renewals, the convergence sector now has a 14 percent market share of global cat reinsurance limit placed - signifying a watershed in its development, according to Guy Carpenter vice chairman David Priebe.
  • Pricing continued to move up in the retrocession markets into June despite the pace of reinsurance rate increases tailing off, broker Guy Carpenter said in its report on the June renewals.
  • RenaissanceRe has capitalised a new incarnation of its Timicuan sidecar brand to take a portion of the Florida homeowners' business written by the Bermudian reinsurer incepting today (1 June).
  • Reduced demand from US national insurers helped to keep rate increases at the Florida-dominated 1 June wind renewals below expectations as collateralised capacity made a late influx into the market.
  • Liechtenstein-based asset manager LGT Group has completed its takeover of the $2bn Clariden Leu ILS investment business and is bullish about growth in its insurance-linked funds
  • The California Earthquake Authority (CEA) governing board has approved the purchase of a $100mn one-year collateralised reinsurance contract to complete its 2012 reinsurance programme.
  • In recent years P&C (re)insurers have moved toward a new "paradigm" where a smaller core balance sheet is complemented by a range of off-balance sheet ventures that provide less volatile fee income and a more efficient means of flexing capital
  • Swiss Re has completed a £1.4bn longevity insurance deal with a UK pension fund run by paint and chemicals company Akzo Nobel to cover the risk of pensioners living longer than expected.
  • Travelers has increased the size of its Longpoint Re III indemnity cat bond from $150mn to $250mn as indicative pricing on the deal narrowed, Trading Risk understands.
  • Defunct Swiss reinsurer Glacier Re has extended the maturity date of its Nelson Re cat bond by another three months until 6 September 2012, as the dispute over a potential payout from the bond has yet to be settled.