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  • The latest Residential Re 2012-2 cat bond offering from USAA has significantly expanded to close at $400mn from an initial target of $250mn, Trading Risk understands
  • Credit Suisse Asset Management says it expects the final Property Claim Services (PCS) loss estimate for Superstorm Sandy to remain below $20bn, even though the ultimate insured industry loss could be higher.
  • Significant uncertainty continues around the ultimate insured losses from Superstorm Sandy as new forecasts flow in from modellers and reinsurers.
  • Axis chairman Michael Butt says Bermuda may never see another wave of traditional start-up (re)insurers like 2001 or 2005 but remains the location of choice for the ever-constant flow of new capital into the industry
  • Lloyd's and international (re)insurer Catlin believes that insured losses from Hurricane Sandy are likely to fall short of the $25bn-$30bn top end of current estimates.
  • Hong Kong-based advisory firm ILS Advisers hopes to raise $50mn-$100mn for a new fund-of-funds for the ILS market in the first half of next year.
  • Industry loss aggregator PCS has released its first loss tally for hurricane Sandy, putting total insured losses at $11bn, according to sources.
  • Dexion Capital's closed-ended ILS fund DCG Iris has deferred the deadline for its second-round share issuance by three weeks as a result of Hurricane Sandy.
  • Bermudian specialty (re)insurer Endurance Specialty Holdings has bought Marty Malinow's Galileo Weather Risk Management, which it will use as the launch pad for a new weather trading unit, Endurance Global Weather.
  • Stone Ridge Asset Management is marketing two new ILS funds under the leadership of Ross Stevens, a former Magnetar executive, according to SEC filings.