Hurricane

LS investors snapped up a trio of cat bonds that closed above target on tight pricing in the past month

Swiss Re closed its latest Successor X cat bond a third above target yesterday raising $130mn in reinsurance cover from the capital markets, Trading Risk understands.

Swiss Re is seeking to raise $50mn from a new rated Successor cat bond issue covering US hurricane and European wind risk as well as an unrated tranche of notes exposed only to US hurricane perils.

RMS RiskMarkets director Ben Brookes examines the impact of RMS US Hurricane Model Version 11 on ILS pricing

Irene triggers $20mn CHI payout; Cat in a box; WeatherBill renames

Euro wind models updated; Hurricane RMS overblown; Jova weakens upon strike

The administrator for the Nelson Re cat bond is fighting bond sponsor Glacier Re's claims that Hurricane Ike losses should be covered by bondholders.

Loss compilation agency Property Claims Services (PCS) has placed insured losses from Hurricane Irene at $3.65bn, Trading Risk understands.

A portion of MultiCat Mexico's $50mn Class C notes changed hands in the secondary cat bond market as Hurricane Jova sped towards Mexico's Pacific coast earlier this month, Trading Risk understands.

The Swiss Re cat bond price return index has recovered from its slump at the time of Hurricane Irene, returning to trading levels last seen in March around the time of the Tohoku earthquake.

Brokers say that the 1 January 2012 retrocession renewals may focus as much on the fine print of contract cover as pricing, as supply and demand in the niche market appear to be more in tune than was predicted earlier this year.

It is with some trepidation that I write this letter in early October, with the US wind season still in train.