Hurricane

Only three ILS funds featured on the restructured traditional reinsurance programme bought by Florida Citizens Property Insurance this year, down from half a dozen last year.

Florida Citizens Property Insurance placed under a quarter of its traditional reinsurance programme with collateralised markets this year, down from the third share taken by ILS funds in 2015.

Colorado State University (CSU) updated its 2016 hurricane season forecast on 1 July to include one extra named storm, bringing the total number predicted to 15, as it said the transition away from an El Niño weather pattern continued.

Nephila more than halved the limit it wrote for the $1bn reinsurance programme bought by the Florida Hurricane Catastrophe Fund (FHCF) this year.

Forecasters agreed the Atlantic is set to experience near-normal storm activity in the coming months, but are still undecided on whether El Niño or La Niña conditions will be the season's key driver.

Florida Citizens Property Insurance is still planning a major restructure of its reinsurance arrangements in 2017, after notably shrinking its programme this year.

United expands cover; Pine River's ILS strategy unaffected by fund closure; China insurance exchange imminent; Florida Specialty buys Mount Beacon; Heritage ups cession rate for 2016/17 programme; Twia secures ‘second-season' cover

There continued to be more buyers than sellers on the secondary cat bond market in June, which kept prices relatively firm

The Texas Windstorm Insurance Association (TWIA) has secured second-season cover which provides reinsurance for the 2017 hurricane season in the event hurricane losses this year wipe out its surplus.

Residents of Georgia and Florida are bracing themselves for Tropical Storm Colin, which is anticipated to cross the coast in the afternoon or evening of 6 June, local time.

Colorado State University (CSU) today (1 June) forecast an average season for 2016 Atlantic basin hurricane activity, in line with its peers.

Many Florida specialist insurers have improved their profitability and surplus in recent years but they remain unlikely to achieve an A rating from Fitch, the agency said.