Hurricane

Munich Re has launched a new Queen Street cat bond that will cover Australian cyclone and US hurricane perils, with the forecast premium currently 7 percent below the previous Queen St deal issued in January this year, Trading Risk has learned.

Forecast pricing on the Alamo Re cat bond for the Texas Windstorm Insurance Association (TWIA) has fallen below the initial guidance range, as the target size was raised from $300mn to $400mn, Trading Risk understands

Floridian insurer Universal Property & Casualty shrank a quota share arrangement with Odyssey Re as it cut spending on its core catastrophe reinsurance programme by 20 percent for 2014-2015, the company announced.

The Texas Windstorm Insurance Association (TWIA) is looking to raise at least $300mn of reinsurance cover through the Alamo Re cat bond, which will be issued on its behalf by Hannover Re, Trading Risk understands.

The US National Oceanic and Atmospheric Administration (NOAA) today forecast the 2014 Atlantic hurricane season will be near or below the normal level of storm activity.

The Texas Windstorm Insurance Association (TWIA) is looking at a $400mn cat bond for 2014, according to the proposed reinsurance structure recommended to the organisation by its broker at a board meeting today.

Montpelier Re's London-listed Blue Capital Global Reinsurance fund delivered an 0.47 percent increase to net asset value (NAV) over the first quarter of 2014, according to its latest interim management statement.

How does the US hurricane season impact ILS valuations?

Nephila Capital is among the reinsurers that have provided new primary insurance capacity for expansive US hurricane managing general agency (MGA) AmRisc in 2014, sister publication The Insurance Insider reported

The $1.5bn Everglades Re issuance has helped soak up investor demand for Florida hurricane risk and put pressure on secondary market pricing for such bonds, Trading Risk understands.

The response to Allstate's Sanders Re cat bond had some investors hoping this month that ILS spreads may finally have found a floor, as it became one of the first deals this year to price at the upper range of guidance.

Validus, Axis, Arch and Montpelier were among the reinsurers to disclose that they have been reducing their exposure to US hurricane risk through increased retrocession purchasing during the first quarter