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Bermuda:Re+ILS: Speed to market and burgeoning ILS attracts Phoenix CRe


The strengths of the Bermuda market attracted Phoenix CRetro to the Island, with speed to market and its fast-growing ILS market proving decisive factors.

That is the view of Nick Frost, president at R&Q Quest who is responsible for the day-to-day management of Phoenix CRetro. He says that Phoenix CRetro is another success story for the Island and has been well-received by both cedant syndicates at Lloyd’s and Central and East European insurers.

Falcon Private Bank launches a third, higher risk/return, ILS fund


Swiss private banking firm Falcon Private Bank has announced the recent launch of its third insurance-linked securities (ILS) fund, the Twelve-Falcon Insurance Opportunities Fund, a UCITS format higher risk/return catastrophe bond investment strategy.

With the launch of the Twelve-Falcon Insurance Opportunities Fund, offering a higher risk and reward cat bond strategy, Falcon Private Bank aims to complement its existing investment offerings in ILS, which include a conservative fund, a balanced fund and private mandates.

The new cat bond fund will be managed by Zurich-based specialist ILS and reinsurance investment manager Twelve Capital. Twelve Capital agreed a transaction with Falcon Private Bank in June 2013 which saw it take on the investment management of the Falcon insurance-linked securities (ILS) business and investment funds.


Overall picture of natural catastrophes in 2013 dominated by weather extremes in Europe and Supertyphoon Haiyan



Exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan dominated the overall picture of natural catastrophes in 2013. Floods and hailstorms caused double-digit billion-dollar losses in central Europe, and in the Philippines one of the strongest cyclones in history, Supertyphoon Haiyan, resulted in a human catastrophe with over 6,000 fatalities.

Globally, losses from natural catastrophes in 2013 were somewhat more moderate: the direct overall losses of around US$ 125bn and insured losses of around US$ 31bn remained below the average figures of the past ten years (US$ 184bn and US$ 56bn). Regrettably, in a total of 880 natural catastrophes (average of the past ten years: 790), more than 20,000 people were killed. This meant that the death toll was higher than in 2012, but significantly below the average of the past ten years (106,000).