Hurricane

Aon Benfield has been appointed sole broker for the Florida Hurricane Catastrophe Fund (FHCF) as the state-backed reinsurer looks to transfer up to $2.2bn of risk for the 2015 hurricane season.

BB&T Corporation has sold Florida insurer American Coastal to management at US hurricane managing general underwriter (MGU) AmRisc.

Florida take-out insurer Heritage P&C looks set to replace $127.5mn of reinsurance limit from the Florida Hurricane Catastrophe Fund (FHCF) with cover from its new Citrus Re cat bond, Trading Risk understands.

Pricing on Munich Re's latest Queen Street X Re cat bond has been revised to the mid-point of initial guidance, as the bond has remained at its target $100mn size, sources confirmed.

A series of severe US thunderstorms triggered the largest single insured catastrophe loss of 2014, according to research released today (25 March) by Swiss Re's Sigma unit.

Safepoint Insurance Company has increased the size of its Manatee Re cat bond to $100mn after the deal priced at the upper end of forecasts, according to sources.

The state-backed Florida Hurricane Catastrophe Fund (FHCF) has submitted a proposal to buy more than $2bn of reinsurance limit for the 2015 hurricane season, according to local media reports

Munich Re has launched a new Queen Street X Re cat bond in its first new ILS issuance after it was forced to pull a deal from the market in June last year, Trading Risk understands.

Cat bond issuance increased in tempo during March, as several low-yielding deals were brought to market.

Heritage P&C CEO Bruce Lucas said that the company expects to renew the maturing portion of its reinsurance programme either at flat rates or at up to a 5 percent discount in the upcoming June renewals.

Olympus Re, one of the world's first sidecars, is to wind up after 14 years.

Insured losses were at the lowest level last year since 2009, according to Guy Carpenter's annual Global Catastrophe Review, released today (25 February).