London, UK based insurance-linked securities and catastrophe bond investment manager Leadenhall Capital Partners has added a new hire to their team, taking them to eight people, and announced that they are targeting to further grow their assets under management. Earlier this month Leadenhall announced that their assets under management had passed $650m but todays announcement shows they aim to continue that growth.
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Back in January we wrote that U.S. crop insurance losses had hit record levels of $9 billion for the year 2011, with much of those losses attributed to freezing weather across the Southern U.S. states, droughts in the Plains, flooding along the Mississippi river, severe rainstorms and hail from severe thunderstorms. That beat the previous record from 2008 which was $8.67 billion, but as we said at the time the total was expected to rise further.
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The winter of 2011/2012 will be remembered not for extreme freezes, snowfall levels (although they were high in many areas) or winter windstorms (although the European season was marginally active, rather it will be remembered for being warmer than average. March 2012 was the warmest since records began in the U.S. and just the other day we wrote about reinsurer Renaissance Re’s energy and weather risk divisions losses due to warm weather. So it’s no surprise to hear that the winter weather has raised interest in weather derivatives.
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At least once every year the Florida Hurricane Catastrophe Fund hits the headlines as people discuss the lack of financing the fund has to cope with an extremely severe Atlantic hurricane season. In 2012 this hasn’t changed, its’ still thought that the cat fund could only cope with two reasonably sized landfalling hurricanes and if one was to strike Miami head-on and at full strength then it’s probable that a single storm would be enough to wipe out all of the cat funds finances.
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French reinsurer SCOR have announced that they have extended the cover available to them through their natural catastrophe contingent capital facility which they launched back in 2010. They have elected to extend the innovative contingent capital solution, which acts as an event-driven guaranteed equity line, by an additional €75m taking the amount of cover SCOR’s existing contingent capital facility provides back up to €150m.
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Natural Hazard Catastrophe Reports from EQECAT
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