Cat bonds up on hurricanes

The Swiss Re Cat Bond Price Return Index rose 0.3% to 97.65 on 1 October as the US hurricane season appeared to have had little impact two-thirds of the way through the season, Bloomberg reports.

The benchmark has advanced every week since mid-July.

Reuters reports that Groupama’s €100m Cayman Island cat bond to cover European windstorms, Green Valley II, was oversubscribed, allowing it to reduce the price it paid to 350 basis points, down from 360.