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News in brief
Crisis won't hurt market's investments, says S&P
Credit problems affecting the word's financial markets remain, but at least the insurance and reinsurance market can be thankful its investment portfolio looks pretty solid, if..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Changes
Bermuda's RenaissanceRe
has promoted Larry Richardson to the post of senior vice president at RenaissanceRe Ventures. The unit manages the group's joint venture and other managed vehicles, and carries out strategic investments.
Lloyd's..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Market’s Nordic storm threat is big and rising
Windstorm Kyrill in northern Europe reminded insurers and reinsurers this year that the Caribbean and Gulf of Mexico is not the only region capable of producing large storm losses.
Speaking last month at a conference in Stockholm, Swiss Re's..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Florida Cat Fund $7bn bond issue put on hold
Florida's State Board of Administration, responsible for the running of the local Hurricane Catastrophe fund, has postponed its planned issue of $7bn in floating rate notes because of turbulence in the financial markets caused by the credit..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Third quarter cat losses start to mount up
This year's third quarter has brought no mega cats (at time of writing) but various small to medium losses that could trigger some reinsurance protections.
Chief among the losses is likely to be Hurricane Dean, a Category 5 storm that hit..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Harbor Point 2006
Harbor Point, the spin-off of Chubb's reinsurance operations, produced net profit of $79.4m from net premiums of $590.4m last year, its first year of trading.
The new reinsurance group raised $1.4bn of capital in advance of its..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Imagine case grapples with meaning of finite
“When I use a word, it means just what I choose it to mean – neither more nor less,” Humpty Dumpty famously said, clearly angling for a job in finite reinsurance.
Finite/financial reinsurance has always stepped carefully when..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Former New Cap Re exec joins list of banned
After a slow start, Australia's financial regulator has really hit its stride in the risk-slapping business. The latest individual to feel its wrath is Paul Williams, formerly deputy managing director of failed reinsurer New Cap Reinsurance..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Bermudian market: first half 2007
Half-year figures released by Bermuda's international reinsurance market provide clear confirmation that rates have peaked, but a sample of 21 leading companies is still showing strong growth at the bottom line.
Although the first table shows a..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Carvill and TFS Energy form broking unit
Reinsurance broker Carvill is joining forces with Tradition Financial Services Energy to provide derivative broking and advisory services to the firms’ respective clients.
TFS Energy is an inter-dealer broker of over-the-counter and exchange..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Emerson Re loans attract AM Best rating
AM Best has assigned ratings to the senior secured credit facilities of Emerson Re, a sidecar company that protects hedge fund Citadel's reinsurance operations, CIG Reinsurance and New Castle Reinsurance.
Under the deal structure, Emerson Re has..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Benfield forms dedicated capital markets unit
Reinsurance broker Benfield has formed a capital markets operation within Benfield Advisory, its corporate finance and advice unit. The new capital markets division will act as the firm's centre of excellence for all forms of ART business,..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Sidecars down, cat bonds up, says Guy Carp
Stability returned to the world property cat market this year, reinsurance broker Guy Carpenter reported in its annual analysis of the sector. The firm's global rate on line index for cat business has dropped 6% this year compared with a rise of..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
MAS prepares SPV rules for Singapore
Singapore's financial regulator plans to introduce rules for special purpose vehicles to make risk securitization transactions easier and faster within the jurisdiction.
The Monetary Authority of Singapore (MAS) says it recognises the merits of..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Agency outlines recoverable securitization view
Growing interest in the securitization of reinsurance recoverables and receivables has prompted rating agency AM Best to publish its methodology for rating securities that are collateralized in such a way.
At least two companies, Aspen and Hannover..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Ascendant and Swiss Re trade cat on Nymex
Swiss Re and Bermudian reinsurance group Ascendant have completed what they claim was the first catastrophe risk trade on the New York Mercantile Exchange (Nymex). The trade, broked by GFI, was an option on a nationwide cat risk futures..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Scot Re securitizes again
Bermuda's Scottish Re has not been deterred by rating agency doubts about how much credit the life reinsurer should receive from risk securitization deals designed to ease the reserve for US Triple-X requirements. Last month, Scottish Re..
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007
Results in brief
A sign of the changing times is that Hannover Re
has retitled its financial reinsurance operations under the new name “structured covers”. The reinsurer has stopped providing quarterly information on this segment of its account...
Online Published Date:
01 September 2007
Appeared in issue:
192 - 01 September 2007