Japanese insurer Zenkyoren has returned to the cat bond market after a one-year absence, with a $250mn two-tranche Nakama Re 2018-1 cat bond which will cover Japanese earthquake risk.
PCS has largely reversed an earlier cut to its loss forecast for Hurricane Irma, estimating the insured damage at $17.2bn, sister publication The Insurance Insider reported.
ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
