ILS

The 2012 hurricane season is likely to be less active than it has been on average over the past 30 years, forecasters Phillip Klotzbach and William Gray from Colorado State University have said in their latest long-range forecast.

Bermudian (re)insurer Alterra is fundraising for another incarnation of its New Point fleet of sidecars ahead of the mid-year US renewal season.

Modelling firm Eqecat estimates that a magnitude 7.4 earthquake that struck 300km south of Mexico City overnight on 20 March will cost the insurance industry less than $100mn

Mitsui Sumitomo and Allianz are seeking a combined $290mn of cat bond capacity for protection against Japanese typhoon and Caribbean wind perils.

The future of Bermudian ILS start-up Dunamis is in question after funds failed to materialise to support deals pledged by the firm during the 1 January renewals.

Trading in unique Japanese industry loss warranties (ILWs) is increasing as reinsurers look to gain retrocession protection in advance of the 1 April renewals, sister title Trading Risk has revealed.

Strong retro buffers were a defining feature of the 2011 results for a handful of canny reinsurers, as Hannover Re and Scor reclaimed more than EUR1bn on losses, according to analysis by The Insurance Insider.

Proposals to downsize Florida's cat fund and residual insurer Citizens failed last week as the state's legislative session closed on Friday (9 March).

The shareholder action taken against PXRE over allegations that it deliberately misrepresented its financial strength following losses from hurricanes Katrina, Rita and Wilma returns to court this week, as the defunct reinsurer's investors again try to persuade the courts to grant them redress.

The closure of Chubb's fifth cat bond in March took total Q1 issuance to $1.293bn, making it the strongest first quarter in the history of the sector and setting the market on track for a bumper year, which some say could see $7bn in new cat bond issuance.

Swiss Re's new Combine Re cat bond will include a tranche of debt notes that have received an investment grade rating from Moody's.

Thai Re has hit its retrocessionaires with claims of 10,109mn Thai baht ($328.4mn) from the severe flooding in the country last year.