According to our sources, an event notice has been filed on behalf of Safepoint Insurance Company, the sponsor of the Manatee Re Ltd. (Series 2016-1) catastrophe bond, revealing the initial estimate of the insurers hurricane Irma losses that qualify under the terms of the cat bond and the level reported suggests a loss for the bonds holders.
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Parametric risk transfer contracts sold by specialist managing general agent New Paradigm Underwriters settled within nine days of Hurricane Irma’s landfall in Florida.
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The amount of convergence capacity in reinsurance, so the capital in insurance-linked securities (ILS) funds, reinsurer sponsored third-party capital vehicles such as sidecars and from direct institutional investors, continues to grow but the pace of growth has been slowing, according to A.M. Best.
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Pacific Alliance targets 2018 catastrophe bond issue

by Artemis on September 22, 2017

The Pacific Alliance trade bloc in Latin America continues to work towards its first catastrophe bond issue, with reports suggesting that progress continues to be made with the assistance of the World Bank and 2018 mooted as a potential year for issuance.
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The dollar amount of insurance claims filed and calculated after hurricane Irma jumped 57% in just a few days, now passing $3 billion and with almost 500,000 claims now filed, according to the Florida Office of Insurance Regulation.
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Reinsurance availability increasingly important in longevity risk transfer

September 21, 2017

Availability of reinsurance capacity and access to it is increasingly important in a longevity risk transfer market, where pension and insurer appetite to offload longevity risks keeps increasing, but reinsurance capacity and pricing can sometimes be constrained.

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Allstate taps reinsurance after $576m hurricane Harvey loss

September 21, 2017

Primary insurance giant Allstate has begun to eat into its reinsurance protection after suffering an estimated $576 million of gross catastrophe losses, pre-tax, due to the impacts of hurricane Harvey.

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Industry loss warranty (ILW) payouts could be in the billions

September 21, 2017

According to market sources, both traders and ILS fund managers, following the impacts of hurricanes Harvey and Irma a number of industry-loss warranty (ILW) contracts are expected to payout, with the total at risk seen as in the billions.

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Fragmented market complicates Irma loss: SCOR’s Victor Peignet

September 21, 2017

In an interview with Artemis at the 2017 Monte-Carlo Reinsurance Rendez-vous, Victor Peignet, Chief Executive Officer (CEO) of SCOR Global P&C, discussed the potential but uncertain impact of hurricane Irma on the softening market, and also what it might mean for the alternative reinsurance capital space.

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Hurricane Irma insurance industry loss up to $55bn: RMS

September 21, 2017

The insurance and reinsurance industry loss due to the impacts of hurricane Irma on the Caribbean islands and the United States is estimated to be up to $55 billion by catastrophe risk modeller RMS, with economic losses expected to be up to $95 billion.

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Reinsurer profit warnings begin with Hannover Re

September 21, 2017

The first full-year profit warning from a major reinsurance firm has been issued this morning by Talanx owned, German headquartered global player Hannover Re, which said the combined losses from recent catastrophe events could surpass its major loss budget.

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Markel CATCo warns Harvey & Irma could erase 2017 performance

September 21, 2017

Markel CATCo Investment Management has delivered a warning to investors in its flagship listed CATCo Reinsurance Opportunities Fund Ltd. that full-year performance could be erased by the impacts of recent major catastrophe events.

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Reinsurance pricing won’t improve until alternative capital retreats: Peel Hunt

September 20, 2017

Alternative, or non-traditional reinsurance capital has continued down its impressive growth path in 2017, but until some of this capacity retreats from the global reinsurance sector the industry is unlikely to see any improvement in the rating environment, according to Peel Hunt analysts.

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AIR puts M8.1 Chiapas, Mexico quake industry loss at up to $1.13bn

September 20, 2017

The September 8th magnitude 8.1 earthquake that struck off the coast of Chiapas, Mexico is estimated to have caused an insurance and reinsurance industry loss in a range from MXN 14 billion (US $787m) to MXN 20 billion (US $1.13bn), according to catastrophe modeller AIR Worldwide.

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CCRIF parametric payouts on Hurricane Irma reach $31.2m

September 20, 2017

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced that its payouts made to Caribbean governments due to the impacts of hurricane Irma will reach $31.2 million, while the facility has now passed $100 million of payouts to members since its launch.

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