Moody’s Investors Service said Monday that of the six catastrophe bonds it has rated, the  currently estmated damages from Hurricane Sandy are credit negative only for bondholders of Combine Re Ltd Series 2012. This deal is a catastrophe bond that was underwritten by Swiss Reinsurance Co. in March 2012.

Early loss estimates catastrophe modeling firm EQECAT showed that damages for the insurance industry will fall in the range of the $5 billion to $10 billion ; and  AIR Worldwide's estimated insured industry loss to onshore U.S. property exposures could fall between $7billion and $15 billion.

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