Hurricane

USAA has launched a new Residential Re cat bond, including an extremely high risk-return layer for the ILS market, as it seeks to extend the US multi-peril cover to include meteorite impact and volcanic eruption.

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 has reported.

Allstate will close its new Sanders Re cat bond at $750mn, 25 percent above its initial $600mn target, as pricing was confirmed at the upper end of previous guidance, Trading Risk understands.

Allstate may expand the size of its Sanders Re cat bond to $750mn as pricing guidance on the deal moved to the upper end of previous forecasts, Trading Risk understands.

Allstate has launched a new Sanders Re cat bond and is seeking to raise roughly $600mn of reinsurance cover for US wind and earthquake perils, Trading Risk understands.

The board of Florida Citizens Property Insurance confirmed today (24 April) it has approved a $3.1bn risk transfer programme for 2014, including the record $1.5bn Everglades Re cat bond and $1.3bn of traditional reinsurance.

Investor interest in non-hurricane catastrophe bonds pushed yields on diversifying deals to new benchmark lows in the first quarter of 2014, Aon Benfield Securities said in its quarterly review of the ILS market.

A number of Bermudian reinsurers have significantly reduced their net probable maximum loss (PML) figures for major catastrophe events as of 1 January 2014 after topping up on retrocession cover, analysis by sister publication The Insurance Insider's Data Room shows.

The reinsurance market may not have been counting on new demand from the state-backed Florida Hurricane Catastrophe Fund (FHCF) coming to fruition, but the news that the fund did not expect to purchase cover for the 2014 season was still an early negative sign for the June renewals.

Southport Re sale; US leads 2013 cat losses; El Niño subdues hurricane outlook; Data developments;

Karen Clark & Company (KCC) is targeting its new RiskInsight platform at users that want to build their own catastrophe risk models, as the market is set to move away from its current reliance on the big three modelling agencies.

American Strategic's $200mn Gator Re is understood to be the first cat bond that provides annual aggregate reinsurance cover without having franchise deductibles in place.