Hurricane

Allianz hopes to raise $200mn from a new cat bond covering US hurricane and quake perils that will also extend through to Mexico and the Caribbean, Trading Risk understands.

Chubb has closed its latest East Lane Re offer at $150mn, coming in just $25mn above target, Trading Risk understands.

Defunct Swiss reinsurer Glacier Re has once again extended the maturity date on its loss-struck Nelson Re Class G notes while the debate over Hurricane Ike's covered losses continues.

Chubb has dropped earthquake risk from its latest cat bond offer and will instead add tornado risk to the US hurricane cover it is seeking, Trading Risk understands.

The industry loss warranty (ILW) market may need to wait for hurricane season to approach before its moment in the retro spotlight comes this year, BMS broker Stefano Nicolini says.

Hurricane options are undergoing a pre-season surge in interest, with $15mn limit traded on the Chicago Mercantile Exchange (CME) in January and another $30mn of buy orders understood to be in the market.

Munich Re has brought a new Queen Street cat bond to market with a $75mn US hurricane and European windstorm offering.

Liberty Mutual is revisiting the capital markets to renew its cat bond cover through the Mystic Re III offering.

Munich Re has brought a new Queen Street cat bond to market with a $75mn US hurricane and European windstorm offering.

The cat bond market missed a chance to grow in 2011 as it failed to compete sufficiently on pricing, Willis Capital Markets & Advisory (WCMA) argues in its latest quarterly update on the market.

Moody's has upgraded a $63.9mn tranche of the Vega Capital 2010 cat bond issued by Swiss Re as the agency said the notes were significantly less likely to trigger a year into the transaction.

The secondary ILS market had a strong trading quarter in the fourth quarter of 2011, buoyed by strong new issuance on the primary market, broker Aon Benfield Securities says in its latest market review.