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An active second quarter of issuing catastrophe bonds pushed the volume of insurance-linked securities to near-record levels in the first half of 2013, Swiss Re Ltd. said Friday.
In the report, “Insurance Linked Securities: Market Update,” Swiss Re said the $3.823 billion in cat bonds issued in the first half of this year is second only to the $3.825 billion issued in the first half of 2007.
However, Swiss Re noted that the total value of outstanding cat bonds, $17.1 billion, exceeded the previous year-end record of $17 billion also set in 2007.
The report credits the volumes to increased investor interest.
Building on activity in the second half of last year, “new investors continue to enter the ILS sector both as direct investors and through increased commitments to dedicated funds,” the reinsurer said in the report. “Swiss Re Capital Markets believes that investors are attracted to the asset class for its relative value, especially as interest rates remain at historic lows, along with its diversifying qualities given that ILS is largely uncorrelated with other capital markets instruments.”
(Reuters) — Swiss Re Ltd. on Thursday said first quarter profit rose 21%, driven by a 9% rise in premium and fee income, low catastrophe losses and the expiry of a quota share agreement with Warren Buffett's Berkshire Hathaway Inc.