Archive for September, 2017

Hurricane Maria is estimated to have caused insurance and reinsurance industry losses of between $40 billion and $85 billion after its devastating passage through the Caribbean, according to AIR Worldwide, which is considerably higher than the market had been expecting.

The need for reinsurance solutions for managing capital and earnings is as relevant as ever in today’s rapidly changing industry, but the increased use of alternative capital solutions has resulted in the potential for capital lock-up, according to Guy Carpenter’s James Nash and Julia Chu.

Gibraltar licensed online lottery company the Lottoland Group has set up its own insurance company in Gibraltar, Fortuna Insurance PCC Limited, which will provide the firm with its own issuing vehicle for future collateralised reinsurance and insurance-linked securities (ILS) transactions.

The magnitude 7.1 earthquake that hit Mexico on the 19th September 2017, with the epicentre near Atencingo in Puebla state but the damage being considerable in Mexico City 75 miles away, is estimated to have caused as much as US $4.8 billion of losses to insurance and reinsurance interests.

The $20 million Class C tranche of notes from Safepoint Insurance Company’s Manatee Re Ltd. (Series 2016-1) catastrophe bond have been priced for a total loss by the leading cat bond trading desks, confirming our article from Friday on the first cat bond loss from hurricane Irma.

Hurricane Maria has triggered the Caribbean island of Dominica’s parametric insurance coverage from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), resulting in a payout to the country of almost US $19.3 million.

Hurricane Maria which has been churning through the Atlantic following its devastating hit on Dominica, Puerto Rico and the Caribbean, now poses a growing threat to the United States, as its track shifted a little west and tropical storm and storm surge watches were raised for parts of the coast.

Here are the ten most popular news articles, week ending 24th September 2017, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates.

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 […]

Parametric risk transfer contracts sold by specialist managing general agent New Paradigm Underwriters settled within nine days of Hurricane Irma’s landfall in Florida.