Secondary trading

Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.

Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.

The ETF format provides for publication of a daily NAV.

The firm predicts 2024 will be a record year for primary issuance.

The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.

Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.

DeCaro is one of the cohort of pioneering ILS managers.

Spreads could continue widening throughout the rest of the year.

The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.

ILS returns in 2023 sparked a flurry of enquiries from hedge funds.

Drop-in capital has now largely left the cat bond market.

A diverse investor base is among market characteristics seen as important for growth.

All funds tracked returned a positive performance.

With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?

The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.

The transaction covered a portfolio of $250mn in casualty risk premiums.

Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.

The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.

Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.

Lane Financial said that the cat bond market is suggesting that the early markdowns were an overreaction.

Transparency and alignment of interests are the keys to expanding casualty ILS.

FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.

The casualty ILS platform said it now expects to do more secondary transactions.

The broker-dealer said it would continue focusing on secondary trading activities.

There are few areas of overlap in the Willis Re-Gallagher Re combination but some details to be ironed out on the new executive team.

ILS managers said strong appetite for more liquid investments made bondholders want to hang on to their securities in Q1.

Trading data showed the market delivered on liquidity in the midst of the pandemic panic.

The carrier’s annual catastrophe losses ticked up to $2.9bn in October.

The increase was largely driven by successful capital raising, large numbers of maturities and fewer new issuances to replace them.

The Samir Shah-led firm is focusing on risk transfers from MGAs.

Returns on the Aon ILS Index outpaced other major financial indices in the second quarter.

The World Bank’s pandemic bond is expected to partially pay out as deaths surpass trigger points.

The fresh markdowns follow a recovery in the bond's price as the Ebola threat abated.

The platform will be able to facilitate a wide range of structured investment opportunities, which could include standardised documentation that managing agents can adapt.

Aon’s plan to launch an auction platform in time for 1 January 2020 suggests a struggle is underway in the reinsurance space for the position of auction technology market leader.

Investors are taking a broader look when evaluating transactions with more emphasis on qualitative attributes of sponsors, according to the firm.

The framework introduced by the BMA last July allows companies to test new technologies and products on customers in a controlled environment.

Brokers could act as market makers for ILS transactions listed on the exchange.

Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.

The insurer is expected to make significant recoveries from its aggregate cat bonds for the second year running.

The Eurekahedge ILS Advisers Index was up by 0.45 percent in August but this figure was below the 13-year average of 0.68 percent.

ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.

The executive has joined the Bermudian ILS manager as a senior analyst.

London-based start-up Akinova is developing an electronic trading platform for (re)insurance risk and is planning to start with listing a version of an industry loss warranty (ILWs) called an “AELO” – an Akinova Event Linked Option.

Cat bond broker-dealers said the market had plenty of impetus left after a record-breaking first half of 2017.

Secondary trading in the ILS market rose six percent year-on-year during a bumper second quarter, according to Aon Securities' Q2 2017 ILS update.

Prices on aggregate storm-exposed cat bonds are largely holding up after an active start to the storm season, as sources reported increased demand for multi-peril and earthquake diversifiers.

High volumes of new deals kick-started further activity in the secondary cat bond market and gave yields a small boost in the first quarter, but 2017 ILS returns remain well below last year's levels

Cat bond spreads rose slightly throughout February but yields remained below levels that prevailed on the ILS market a year ago, according to data from RMS.

Cat bond prices in the secondary market edged upwards early in February, as the market waited for the New Year's issuance to kick-start

A record "wall of maturities" due in the cat bond market over the first half of 2017 may result in volumes shrinking temporarily, but favourable conditions in the sector could produce record volumes of new deals, according to Swiss Re Capital Markets.

Further detail has emerged on RenaissanceRe's new $140mn Fibonacci Re vehicle, which has been described as a hybrid cat bond/sidecar facility

Markdowns to the Gator Re cat bonds in late November caused average cat bond spreads to spike heading into the end of the year, according to data from RMS.

Returns from investing in so-called "deadcat" bonds - transactions that are nearing maturity and face little or no further catastrophe risk - have softened this year, in a reflection of generally tighter ILS market conditions.

The volume of livecat trading of industry loss warranties (ILWs) prompted by Hurricane Matthew may have reached up to $150mn-$200mn, according to sources contacted by Trading Risk.

Cat bond prices in secondary trading had recovered to pre-Hurricane Matthew levels by the end of last week (14 October), rising by 1.57 percent to 95.53 as the storm's impact proved to be less severe than anticipated.

Gator Re prices have regained further ground as the bond approaches maturity without covered losses notably rising.

Cat bond yields continued to fall in late summer, as half of the hurricane season elapsed without a US storm threat.

ILS fund returns averaged 0.40 percent in July as managers escaped losses from storms and flooding during the month, according to the Eurekahedge ILS Advisers Index

Risk-adjusted cat bond spreads recovered some ground in June as the ILS market earned incremental premium from higher-risk deals, according to RMS data.

Gator Re regained some value on the secondary market during trading in late June and early July, according to Finra Trace data

The secondary cat bond market cleared the first Gator Re trade in two months this week, as the bond's price tumbled in response to aggregate claims rising near its trigger

There continued to be more buyers than sellers on the secondary cat bond market in June, which kept prices relatively firm

A downturn in industry loss warranty (ILW) pricing has limited cat bond lite issuance activity in 2016, with a couple of recent deals breaking the dearth of activity

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Risk-adjusted cat bond spreads have dipped below 2015 yields for the first time this year, according to RMS data.

Cat bond prices continued to edge upwards in May, amid intense buyer demand when there was very little for sale.

TigerRisk's capital markets arm has received regulatory approval to open a secondary trading desk covering a range of ILS products, which will be headed by Patrick Gonnelli

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Strong bidding interest on the secondary cat bond market helped to counteract the influence of seasonality in early April

Lane Financial estimated the ILS market's turnover rate at about 20 percent or $4bn a year, after looking at 21 months of secondary trading data filed by the industry with US regulators

Xchanging said it hoped secondary "trades" of reinsurance contracts would become an integral facility of its X-gRm platform after TigerRisk announced it had completed the first such transaction today.

Cat bond trading slowed in early March amid uncertainty over the outlook for upcoming issuance

The UK Treasury has provided details on the proposed regulatory framework that it hopes will attract ILS business to London, envisaging a six-to-eight-week timeframe for the Prudential Regulation Authority (PRA) to approve new structures.

Independent London broker Alston Gayler (AG) has added a PCS Turkey licence to facilitate industry loss warranty (ILW) trading of the risk

The Swiss Re Cat Bond Price Return index stabilised in early February after posting incremental softening throughout late 2015.

ILS investors traded a total of at least $20mn MultiCat Mexico 2012 class C notes at distressed levels in the three months from late October.

Gross catastrophe bond yields ended 2015 up almost 10 percent from December 2014, according to RMS data.

Catastrophe bonds were yielding about 16 percent more year-on-year by the end of November, according to RMS data.

There were fewer buyers of cat bonds near maturity this year than in 2014, making it more difficult for sellers looking to trade out of positions ahead of the January renewal season, sources told Trading Risk.

The head of global ILS structuring and origination at Swiss Re Capital Markets, Markus Schmutz, has left after 16 years with the firm, Trading Risk has learned.

Cat bond prices trailed off by 0.62 percent in the final two weeks of October, as the market faced a potential loss from Mexico's Hurricane Patricia.

Swiss Re has brought its capital markets staff into a new broader structured solutions division, appointing Philipp Rüede to head up the team's property and casualty section in a newly created role.

The Swiss Re Cat Bond Price Return Index has almost reached the values recorded at the start of 2015 after posting a 1.7 percent upswing since mid-July.

TigerRisk has been marketing a derivative product that triggers off a Lloyd's index, which could offer ILS funds exposure to a range of specialty business written within the London market, Trading Risk understands.

ILS spreads began their seasonal tightening relatively late into the hurricane season this year, with widening persisting into May and June.

Billy Welch has left Aon Securities, where he was an associate director in the Chicago office, Trading Risk understands.

Swiss Re Capital Markets said that the cat bond market was poised to see "mild" rate increases for the first time in a long time.

The average ILS expected return recovered to 3.66 percent by June 2015, from a low of 2.36 percent in September 2014, according to secondary market data compiled by Lane Financial.

The Swiss Re Global Cat Bond Price Return Index has experienced its largest first-half fall since H1 2011, when the market was rocked by Tohoku earthquake losses.

Typhoon bonds Akibare II and Aozora are on watch following predictions that Category 4 Typhoon Nangka could make landfall in southern Japan late next week, Trading Risk understands

Demand for high-yielding catastrophe bonds has remained strong on the secondary market, pushing up prices for such securities above par.

AIG has upsized its parametric cat bond Compass Re II (2015-1) by 50 percent to $300mn while pricing on the private deal narrowed to the mid-to-upper range of initial guidance, Trading Risk understands.

US state-specific wind bonds have been changing hands over the past month in reaction to a flurry of new issuance from Floridian insurers and state wind pools, according to US regulator Trace's Finra database

American International Group (AIG) has launched a $200mn private cat bond on the new electronic broking platform Rewireconnect, Trading Risk understands.

Insurance companies interested in issuing private placement catastrophe bonds offered under Section 4(a)(2) of the Securities Act may benefit from streamlining the structure of a bond, but they must be careful not to strip away important structural elements for capital markets risk transfer.

The first quarter of 2015 saw a slight hardening of rates on the ILS market, in contrast to the same period last year.

The secondary ILS market cleared a new record-sized trade of the $1.5bn Everglades 2014-1 cat bond in March, sources told Trading Risk.

Several cat bonds have been trading on the secondary market over the past week, led by AIG's Tradewynd Re (2014-1) class 1B notes, according to the Trace system of US regulator Finra.

The Alamo Re issuance from the Texas Windstorm Insurance Association (TWIA) has been one of the most actively traded bonds on the secondary market in recent weeks, making up over a third of trades recorded on US regulator Finra's Trace system since mid-February.

Catlin's new Galileo Re bond is already trading above par on the secondary market just weeks after its issuance.

The value of annual cat bond trading on the secondary market has more than doubled in the past four years, from $1.7bn in 2010 to $4.2bn last year, fund manager Elementum Advisors estimated.

The secondary cat bond market has cleared more than $3mn of trades over the previous week, according to data collected by US regulator Finra's Trace reporting system.

Kane's segregated accounts company has issued a $50.2mn private cat bond, according to a listings announcement on the Bermuda Stock Exchange (BSX).

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High-yielding cat bonds have made up two-thirds of the trades on the secondary market in the first six weeks of 2015, according to information recorded by Finra's Trace system.

Kane SAC has enhanced its private cat bond platform with an electronic trading system to facilitate the secondary trading of cat bonds issued on the platform.

American Strategic's cat bond Gator Re has recovered value in the New Year after the bond's annual aggregate loss tally reset.