Templeton’s Hasenstab Sells Russia Bonds, Adds Ukraine



Franklin Templeton sold Russian bonds during the first quarter while adding to its almost $8 billion in Ukrainian debt as conflict between the countries escalated.

The asset manager, whose $190 billion global bond group is managed by Michael Hasenstab, cut holdings of dollar debt from Russia’s government and state-owned companies with a face value of about $29 million during the period, part of a reduction of more than $200 million in Russian securities over six months to $1.2 billion, the company’s latest filings show. Franklin Templeton increased Ukrainian dollar and euro bond holdings by $62 million in the first quarter to $7.6 billion.


C5’s Reinsurance and Capital Markets Convergence Forum


Please note that as members of our team are amongst speakers to the event any referrrals automatically entitled 15% discount off the conference price. So quote Phoenix CRetro if considering to participate.  

Capital from the alternative markets currently totals 14% of the global property catastrophe reinsurance limit up from only 8% in 2008*. As investors increase their offering of alternative risk transfer solutions such as insurance linked securities, the impact on the traditional reinsurance market is already being felt with fierce competition leading to softening rates.

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Reinsurers turn to alternative capital – Aon Benfield


Traditional reinsurers have begun to use alternative capital to help them match the cheaper prices offered by non-traditional rivals, global broker Aon Benfield said today (4 April) in its report on the 1 April policy renewals.

Reinsurers are increasingly relying on alternative capital providers for cheap retrocession cover through sidecars and other means, attracting support from investors that are not competing directly with them for cedants’ business.


A Royal Day to remember

The Queen and The Duke of Edinburgh visit Lloyd’s to unveil a plaque commemorating the market’s 325th anniversary.

Lloyd’s staff, underwriters, brokers and members gathered in the Underwriting Room to greet Her Majesty with a resounding cheer. Lloyd’s chairman John Nelson and Chief Executive Inga Beale led the Royal Party into the Room, and Lloyd’s famous Lutine Bell was rung twice to mark the occasion.

Traditionally the Lutine Bell, has been rung to herald important announcements – it was last rung to mark the birth of baby Prince George.


Forecaster Expects Another Quiet Hurricane Season


ngiThe 2014 Atlantic Hurricane season is likely to be less active than normal, producing fewer powerful storms than average and bringing below-normal risk to the Gulf of Mexico (GOM) and Caribbean Sea, according to an early forecast from Houston-based ImpactWeather.

he forecasters said the development of an El Nino by July or August will limit the number of tropical storms in the Atlantic Basin to 10, including four hurricanes, one of them major (Category 3 or higher). Those forecast numbers would make the 2014 Atlantic hurricane season significantly less active than the seasonal average of 12 named storms, six hurricanes and three major hurricanes.


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).


Big Interview: Chris Waterman and Clara Hughes, Fitch Ratings


The improvement in the regulatory environment in Central and Eastern Europe is having a positive impact on the the credit ratings of local insurers despite a number of challengesWhen talking about emerging insurance markets it is important to resist the temptation to generalise, according to Chris Waterman, managing director and head of the Europe, Middle East and Africa (EMEA) insurance practice at Fitch Ratings. The term “emerging markets” is widely used to refer to insurance markets in Asia, Latin America, eastern Europe, the Commonwealth of Independent States (CIS) and, more recently, to insurance markets in sub-Saharan Africa. The relevance for Waterman is Fitch has recently issued a report on emerging European insurance markets, “but here, again, you are talking about a very broad range of countries with insurance industries at different levels of development. There are very different challenges in each of these markets”, he says.