Hurricane

Florida Citizens Property Insurance said that despite substantially reducing its reinsurance limit for 2016, it will still be able to handle a 1 in 100 year storm along the coast, as well as a second 1 in 16 year storm.

Florida Citizens Property Insurance has received board approval for its plans to place just $221mn of new reinsurance limit for the 2016 hurricane season, confirming expectations that it would significantly reduce its reinsurance spend after shrinking its portfolio.

United P&C has launched its first cat bond offering through the $100mn Laetere Re issuance, Trading Risk understands

Demand for Florida retro has been quieter leading into the 1 June renewal season this year, as the growth in reinsurance demand slows.

Munich Re is set to close its latest Queen Street cat bond at $190mn, at the upper end of its revised target range, as pricing on the transaction settled at the lowest end of revised guidance, Trading Risk understands.

A new Residential Re cat bond opened second quarter issuance with a bang as its pricing slid significantly, but ILS investors were cautious about reading too much into the deal in a month where only one nat cat transaction completed.

The Texas Windstorm Insurance Association (TWIA) board of directors unanimously approved the recommendation to purchase a total of $2.2bn in reinsurance coverage above a $2.7bn retention for the 2016 hurricane season.

Pricing indications on Munich Re's Queen Street XII Re cat bond have dropped 8 percent below the initial targeted midpoint, Trading Risk understands.

Munich Re has launched a $100mn Queen Street XII Re cat bond, marking the first time it has included European windstorm risk in an ILS transaction since 2012, Trading Risk understands.

More than a decade on from the devastating 2004-05 hurricane season, scientists are beginning to debate whether to call an end to a cycle of more active Atlantic cyclone activity

The first quarter saw an unusually high volume of Japanese typhoon bonds, as both Mitsui Sumitomo and Sompo Japan Nipponkoa returned to the ILS market

Luxembourg regulators are introducing stringent diversification requirements for Ucits cat bond funds under their oversight, in a move that could skew demand for non-US bonds