Hurricane

Swiss Re has returned to the cat bond market to seek $75mn of US North Atlantic hurricane cover from a new Mythen Re issuance, Trading Risk understands.

Munich Re's latest Queen Street cat bond has closed on target at $75mn and priced at the bottom of revised pricing guidance, according to sources.

Pricing on Munich Re's latest Queen Street VIII Re cat bond offering has narrowed by just over 5 percent during marketing, Trading Risk understands.

Forecasters are predicting that the 2013 Atlantic hurricane season, which opened on 1 June, will see above-average activity.

PCS has left its file on Hurricane Sandy open after reconfirming its loss estimate at $18.75bn, going against its normal policy of closing off the survey process once it has produced two consecutive stable loss estimates for a disaster.

The sustained seller's market in secondary cat bonds experienced in the first quarter has subsided after new issuance flooded into the market, but investor appetite remains strong, ILS traders have indicated.

Several diversifying bonds have been launched on the ILS market since the official 1 June opening of the hurricane season.

Munich Re has launched a new Queen Street issuance that will cover Australian cyclone risk for the first time in the reinsurer's cat bond programme, Trading Risk understands.

PCS has kept its loss estimate for Hurricane Sandy stable at $18.75bn but it has left its file on the disaster open, going against its normal policy of closing off the survey process once it has produced two consecutive stable loss estimates for a disaster.

The new Blue Danube II cat bond issued by Allianz included an expanded hurricane definition that will cover named storms, following a similar expansion of cover in the new Long Point Re deal for Travelers.

The US National Oceanic and Atmospheric Association (NOAA) has predicted the 2013 Atlantic hurricane season will be "active or extremely active", in line with other forecasts of high storm activity

Travelers built in several new features providing additional flexibility from its $300mn Long Point Re III cat bond which recently closed, joint bookrunner on the deal GC Securities said.