Hurricane

Catco has taken a 1.5 percent gross hit to its 2012 annual returns as it agreed to settle a marine contract that was exposed to Costa Concordia claims, the company announced today.

Proxy tracks for hurricane Sandy run through RMS models produce an insured industry loss figure of about $14bn for the disaster, Trading Risk understands.

USAA is the first sponsor to return to the cat bond market after Hurricane Sandy with a new $250mn Residential Re offering that includes two high-risk layers of cover

Standard & Poor's (S&P) has placed two tranches of USAA's Residential Re bonds on creditwatch with negative implications as a result of Superstorm Sandy.

Swiss Re has closed its latest Mythen Re cat bond at $200mn, in the first deal that mixes hurricane and mortality risk in one offering

The Combine Re cat bond is highly unlikely to trigger as a result of hurricane Sandy even if industry loss levels from the disaster reach around $20bn, sources have said, despite an earlier statement from Moody’s warning that such an eventuality could lead to payouts from the bondholders.

Swiss Re's Combine Re cat bond could be in line for losses if industry losses as a result of hurricane Sandy rise to the $20bn level, Moody's said in a statement today.

The Swiss Re Global Cat Bond Price Index dropped by 2.5 percent to 93.27 over the course of the week, reflecting uncertainty in the secondary bond market over the impact of Superstorm Sandy.

RenaissanceRe's sidecar DaVinci Re reported a $74.2mn profit for the third quarter, up from $9mn for the same period a year ago, assisted by a significant improvement in investment results as well as lower catastrophe claims.

Listed retrocession provider Catco says its 2012 returns could be reduced by up to 10-15 percent net if insured industry losses from Hurricane Sandy reach the upper end of modellers' estimates of $15bn, according to a statement from the firm.

Leading ILS fund manager Credit Suisse believes that insured losses from Hurricane Sandy could reach $14bn-$18bn, according to a statement from the London-listed DCG Iris fund

Trading on the secondary cat bond market has been limited during the onset of hurricane Sandy as investors took a wait and see approach to trading opportunities.