Catastrophe data aggregator Perils estimated last year's cyclone Zeus cost the insurance industry EUR272mn ($335mn), slightly below a previous estimate of EUR284mn issued by the company in September.
FEMA deputy administrator for insurance Roy Wright said that the agency is pursuing a possible mid-year reinsurance placement that would build on its January purchase of $1.5bn of cover.
Axa said its planned $15bn acquisition of XL Group will improve its access to alternative sources of reinsurance capital, as it would bring access to the Bermudian's majority-owned ILS manager New Ocean.
