ILS

Hurricane Irma poses a risk to 13 cat bonds rated by S&P Global Ratings, the ratings agency said today.

Insurance-linked securities (ILS) giant Nephila and Bermudian carriers Validus and Everest Re combined write more than 60 percent of Florida Citizens' $1.03bn reinsurance programme, which could be at risk from Hurricane Irma

The $1bn Florida Hurricane Catastrophe Fund (FHCF) reinsurance programme, which begins paying out when industry losses to Florida insurers reach $18.5bn, is dominated by RenaissanceRe and Swiss Re.

Investors have begun marking down cat bonds in secondary trading as Hurricane Irma moves towards the US coast, with landfall expected on Sunday or early Monday.

A Hurricane Irma hit on Florida would affect reinsurers more than primary carriers, reflecting the industry’s wary stance toward the Sunshine State and its exposure to wind, surge and flood losses, analysts say.

A Hurricane Irma hit on Florida would affect reinsurers more than primary carriers, reflecting the industry’s wary stance toward the Sunshine State and its exposure to wind, surge and flood losses, analysts say.

Shares of property and casualty (re)insurers in Bermuda and the US dropped as projected losses from Hurricane Harvey continued to mount and Irma emerged as a Category 5 hurricane bearing down on the Caribbean.

The impact of Hurricane Harvey on the secondary cat bond market has been minimal, with no bonds triggering and only a slight dip in the Swiss Re cat bond pricing index, according to sister publication Trading Risk

Demand for industry loss warranty (ILW) cover on Hurricane Harvey has moved up to higher trigger levels as fears grow over the extent of private market flooding claims

Insurers that provide multiperil crop and livestock cover could see some significant claims stemming from Hurricane Harvey, as the storm inundated regions that produce millions of bales of raw cotton and tons of rice.

Retro and collateralised reinsurance specialist Henry Kingham has left Willis Re Bermuda to join Aeolus, The Insurance Insider can reveal

Claims stemming from Hurricane Harvey started rolling in today even before the scale of the historic storm has been fully defined.