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Canny trading revives Avalon
Pricing on Avalon Re's loss-struck $135mn Class C notes almost doubled to 91 cents on the dollar on the back of last minute trading ahead of their final maturity in June.
18 June 2010
May ILS glut takes edge off investor appetite
A bumper May saw $1.55bn of US wind exposure hit the market through six cat bonds, in a last minute rush to place hurricane cover in the capital markets before the official start of the US storm season on 1 June.
18 June 2010
Sun sets on Horizon21
Swiss independent asset manager Horizon 21 is exiting the ILS market as part of a wider restructuring of the firm, Trading Risk understands.
18 June 2010
$100mn+ Shore Re on horizon
Munich Re has launched a $100mn-plus cat bond on behalf of the Massachusetts state-sponsored windstorm insurance pool in a deal which is expected to close on 5 July.
18 June 2010
Trading views
For a while now, the use of the words "indemnity" and "cat bond" in the same sentence has been met with a curling of the lip and a reflexive recoil from a contingent of cat fund investors.
18 June 2010
Investors take shelter from storm threat
More than $1bn of prospective convergence market investment may be postponed due to falling (re)insurance rates, wider capital markets disruption and a heavy storm forecast, Trading Risk understands.
18 June 2010
ILW rates up 70% on Deepwater spill
Buying pressure from dedicated cat fund managers and traditional (re)insurers has spurred up to 70 percent rate increases on certain industry loss warranties (ILW) as the Deepwater Horizon oil spill in the Gulf of Mexico continues its seep into the convergence market.
18 June 2010
Redhead leaves DE Shaw
Experienced underwriter Darren Redhead is set to leave Bermuda-based hedge fund-backed property catastrophe reinsurer, DE Shaw, after three years at the firm.
15 June 2010
Clariden Leu closes cat bond fund to new money
Leading Swiss cat bond investment manager Clariden Leu has closed its flagship cat bond fund to new investments, as capital inflow outsripped cat bond issuance in the first half of the year.
14 June 2010
Munich Re launches $100mn+ state wind bond
Munich Re has launched a $100mn+ cat bond on behalf of the Massachusetts state-sponsored windstorm insurance pool in a deal which is expected to close on 1 July.
14 June 2010
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