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  • Ratings agency Standard & Poor's (S&P) has affirmed that Swiss Re's 2007 Crystal Credit bond is on course to default.
  • Hannover Re has completed a $500mn letter of credit facility with Deutsche Bank to support further expansion into the US life reinsurance sector.
  • Bermudian reinsurer RenaissanceRe expects an increase in capital markets products to pose a growing threat to traditional reinsurance in 2010.
  • Investment bank Goldman Sachs has completed its wholesale withdrawal from the life settlements (LS) market by closing its Longmore Capital life policy-sourcing vehicle to new business and selling down its stake in joint venture trading platform Institutional Life Services (ILS).
  • The Perils European industry loss index is facing its first live loss assessment since its launch in December last year, as it races to collate loss data from last month's European Windstorm Xynthia.
  • Industry loss warranty (ILW) brokers have experienced a rise in demand for ILW cover outside of the peak zones after the magnitude 8.8 earthquake that rocked Chile on 27 February.
  • The Chicago Mercantile Exchange (CME) and Insurance Futures Exchange Services (IFEX) are believed to be in talks with risk transformer vehicles to offer exchange-traded insurance derivatives in (re)insurance form.
  • Construction company Aggregate Industries has become the latest UK corporation to hedge its pension longevity risk, in two deals worth £300mn, with Pension Insurance Corporation (PIC).
  • Investment bank UBS is believed to be structuring a $500mn+ life insurance securitisation, joining the ranks of banks profiting from the market's resurgence in the wake of the global financial crisis.
  • Life settlement market pioneer The Coventry Group has formed a strategic partnership with Traymar Capital - the investment management platform of ex-RBS executives Henry Kus and Bjorn Schmolk.