Category Archives: Catastrophe Bond
James Bond Joins Facebook and Twitter; ‘Bond 23′ Details Tomorrow
Briefly: We will know a lot of real, reliable details about Bond 23 within the next twelve hours. Today James Bond joined Facebook, and tomorrow morning the spy even gets his own Twitter account. (Username @007, naturally.) Use of social media may not be the best way to go about investigating global criminal acts (no “@Blofeld is one Persian away from crazy cat lady,” please) but it is one of the best ways to deliver info about a new movie.
Former fireman on Most Wanted List arrested
A former fireman on Allegheny County’s Most Wanted List for violating his probation stemming from an arson charge was arrested Monday night.
Matthew Paul Clark, 20, whose last known address was in Munhall, was being held in the Allegheny County Jail Monday night without bond, said Lt. Jack Kearney, of the county sheriff’s department.
Mark Burgess: Europe needs QE soon or it faces catastrophe
Threadneedle CIO Mark Burgess (pictured) has warned the eurozone needs quantitative easing as matter of urgency or else the situation could become catastrophic.
Speaking after the yield on 10-year Italian bonds rocketed to 7.4% yesterday on news the nation’s leader Silvio Berlusconi said he would stand down, Burgess said: ‘In the very short term the politicians have to stop the crisis spreading any further and the only way they can do that is to print money, so unless we get quantitative easing in the eurozone it’s going to get catastrophic.’
Italy bond yields soar as debt crisis enters endgame
13:41, Monday 7 November 2011
LONDON (ShareCast) – The difference between Italian and German 10 year bond yields has risen to its highest level since the Euro currency was introduced. at 9am UK time Italian debt was offering a 6.568% yield, 4.77% greater than Germany’s. Quite simply, it is to be seen how long Italy can afford to borrow at that rate, even if it is still short of the 7% figure that spelled catastrophe for Greece, Portugal and Ireland (Xetra: A0Q8L3 – news) . The trouble is, Italy’s economy is three time bigger than those countries combined. The perception in the markets its two-fold. Firstly the numbers. The Italian government owes 120% of its total annual economic output and needs to refinance around €300bn next year. Humiliatingly, the country has also “asked” (tranlastion: been ordered to bring in) the IMF (Berlin: MXG1.BE – news) to monitor its austerity programme. The austerity programe however is also a cause of massive instability which leads to the second issue investors are having to weigh up: Italian politics. Silvio Berlusconi may be in charge but he is not in power. he faces a crucial vote of confidence in the Italian parliament on Tuesday (one to watch for currency traders) but the real question is what happens if he falls. Opposition to Berlusconi is fragmented and it is an open question who would take over from him should he lose tomorrow. The Italian political system seems incapable of both managing its finances and responding quickly to circumstances. There seem to be clear implications for positioning in currencies that flow from this uncertainty. many traders will consider taking positions on the Euro as the results from tomorrow’s vote come in. The wider context though is the future of the Euro. There is no plan B for an Italian default, the European Central Bank has threatened to stop buying Italian bonds if the country fails to implement cuts and the Eurozone bail-out package available in case Italy does go bust is not considered big enough to fund the country through the crisis. it is therefore becoming more and more difficult to disagree with the market perception that Italy is heading for the knackers yard, and the Euro along with it. BS
Swiss Re secures 0M catastrophe bond
ZURICH—Swiss Reinsurance co. ltd. has obtained $130 million in protection against Atlantic hurricane and European windstorm losses through its Successor X ltd. catastrophe bond program.
Swiss re said Wednesday that the multiyear coverage will end in November 2015.
The transaction is the fifth in the Successor X program, Swiss re said, which so far has given the company $2.39 billion of protection against natural catastrophe events.
Swiss Re secures $130M catastrophe bond
ZURICH—Swiss Reinsurance co. Ltd. has obtained $130 million in protection against Atlantic hurricane and European windstorm losses through its Successor X Ltd. catastrophe bond program.
Swiss re said Wednesday that the multiyear coverage will end in November 2015.
The transaction is the fifth in the Successor X program, Swiss re said, which so far has given the company $2.39 billion of protection against natural catastrophe events.
Island Could Benefit From Cat Bond Boom
Interest in the re/insurance industry’s use of insurance-linked securities to spread its risk of exposure to global catastrophes continues to grow and Bermuda could benefit from this resurgence, business magazine “Financial News” reports today [Nov. 6].
Through insurance-linked securities, insurance risk is transferred in a capital markets contract, explained “Financial News’. they include catastrophe bonds, extreme mortality bonds, industry loss warranty derivatives and catastrophe futures contracts.
CEA Sells Earthquake Catastrophe Bonds
Insurance firms take on risks from their policy holders for events that will harm the financial health of the insured. For instance, policy holders looking for cheap insurance quotes are searching for insurance firms that will help them cover the cost of accidents or losses at reasonable rates. Similarly, an insurance agency may search for cheap insurance quotes from reinsurance companies that will help them meet their ability to pay a policy holder’s claim.
Silivio Berlusconi plays last cards, denies will…
PAOLO BIONDI AND BARRY MOODY Reuters
Italian Prime Minister Silvio Berlusconi denies on Facebook that he intends to resign.
Prime Minister Silvio Berlusconi has defied huge pressure to resign, desperately playing his last cards to see off a party revolt as fears over Italy’s instability hit markets across Europe.
FTSE falls as investors fear euro zone debt contagion
9:30, Monday 7 November 2011
* FTSE down 1.6 percent
* Greece agrees coalition, default doubts remain
* Investors focus on Italy as Berlusconi faces crucial vote
* Banks, commods fall as risk apetite fades
LONDON, Nov 7 (Reuters) – Britain’s top share index fell onMonday as the threat of euro zone debt contagion promptedinvestors to sell out of riskier commodity and banking assets,amid worries about a Greek default and Italy’s predicament.
