Hurricane

Swiss Re has recouped $7.2mn of Hurricane Sandy losses from its Vega Capital 2010 cat bond in the second payout made by investors on the three-year deal, according to a Moody's rating note.

The North Carolina wind pools have more than doubled the size of their hurricane cat bond, Tar Heel Re from $200mn to $500mn, Trading Risk can reveal.

Hannover Re recovered EUR163mn from its retrocession providers in 2012 to assist in paying claims from Hurricane Sandy and the Costa Concordia sinking, which helped its non-life division to lift annual operating profit by 43 percent to EUR858mn

At the time of writing, Mississippi's insurer of last resort was on the verge of finalising its reinsurance programme for the 2013 North Atlantic hurricane season.

The future of the Texas Windstorm Insurance Association (TWIA) is looking increasingly uncertain as the US residual insurance market heads toward the reinsurance renewal season.

The strength of investor interest in the (re)insurance sector is expected to keep spreads tight as ILS prices remained strong on the secondary market throughout March

Investors in the $67.5mn Class G tranche of Nelson Re notes will be repaid in full after Glacier Re withdrew its arbitration case to give a smooth conclusion to a rocky four years for investors

Robust investor demand put pressure on rates as Nationwide Mutual closed its third cat bond Caelus Re III this month

RMS is set to moderate the view of hurricane risk from that contained in the Version 11 edition of its model when the new Version 13 is released this July.

After a quiet start to the year two new catastrophe bonds have begun marketing that will take 2013 issuance to around $1bn if successful

The average cat bond spread rose to 8.72 percent by the end of 2012 as ILS investors accepted more complex risk, according to analysis of the Swiss Re Global Index.

Nationwide Mutual's new Caelus Re III cat bond has priced at 525 basis points above benchmark money market rates, Trading Risk understands