Hurricane

Swiss Re is seeking $300mn for a renewal of the MultiCat Mexico cat bond on behalf of the Mexican government's disaster fund, according to a presale note from ratings agency Standard & Poor's (S&P).

Hurricane Isaac was a credit negative event for the Combine Re cat bond, ratings agency Moody's said, as losses from the storm are likely to erode more of the aggregate bond's deductible

Credit Suisse Asset Management no longer expects Hurricane Isaac to have any impact to the portfolio of the listed DCG Iris fund.

Specialist fund managers are now the dominant type of investor in cat bonds, lifting their participation in the ILS market strongly in the year to 30 June, according to Aon Benfield's annual report on the sector.

NOAA raises hurricane watch; RMS resets hurricane base-case

Derivatives trading platform CME Group is applying to UK regulator the Financial Services Authority for approval to establish a London exchange, initially trading foreign exchange futures products from mid-2013.  

New capital inflows have bolstered secondary market trading and pricing levels after a steady July, with investors' appetite drawn to more US wind risk, Trading Risk understands.  

Trading activity in the industry loss warranty (ILW) market has picked up since 1 August as buyers seek short-term cover for the rest of the year against US hurricane risk as well as European windstorm, Japanese typhoon and other perils, according to JLT Re senior vice president Greg Habay.   

Hurricane Isaac stirred only a tentative spree of livecat trading in the $125mn Pelican Re indemnity bond from cedant Louisiana Citizens Property Insurance, Trading Risk understands.   

Credit Suisse Asset Management expects to take a 0.2 percent hit to the net asset value (NAV) of its Low Volatility Plus Iris fund as a result of Hurricane Isaac, according to a disclosure from the listed DCG Iris fund.

As Hurricane Isaac bears down on Louisiana, interest in livecat trading has focused on the state insurer's $125mn Pelican Re cat bond, however trading activity has been far lower than during last year's Hurricane Irene when Johnston Re was in the line of the storm, Trading Risk understands.

Tropical storm Isaac has been upgraded to hurricane strength as it approaches New Orleans in what will be the city's first test of its rebuilt flood defences since Hurricane Katrina.