Trading Risk February 2018
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The strategy of Langhorne Re, the closed-ended life fund set up last month by RenaissanceRe and life reinsurer Reinsurance Group of America (RGA), will be based largely around a leveraged asset play, according to sources.
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Fergus Morrison is expected to join the underwriting team at Bermudian ILS manager Aeolus later this year, Trading Risk understands.
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Securis has parted ways with its head of origination Neil Strong after a significant management restructure that has elevated Paul Larrett to the new role of chief underwriting officer and head of non-life analytics.
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ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
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The second-largest ILS manager posted a $200mn incremental gain in assets under management in January as it said it chose not to draw down on some post-loss capacity.
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Wildfire losses had a varying impact on some of the reinsurer-affiliated ILS platforms in the fourth quarter.
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Bermuda-based (re)insurer XL Catlin placed more than $500mn of new catastrophe limit for 2018 and increased alternative market retro support to more than $3bn, as ceding strategies among major carriers diverged following last year's losses.
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Abuse of side pockets in the financial crisis - when hedge funds locked in investors to avoid having to sell off discounted assets - has made the practice less palatable in the wider financial markets.
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Floridian insurer Heritage has named Kirk Lusk as its new CFO with effect from 28 April, when Steven Martindale will step aside.
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AIR Worldwide has appointed Roger Grenier as senior vice president of global resilience.
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Richard Oduntan has been named CEO of Nephila Climate (NCx).
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The cumulative insured loss number from PCS for 2017 hurricane and wildfire claims now stands at $68bn, with all cat perils in the US totalling $88bn.