Archive for September, 2024

Analysts at TD Cowen have said that they believe Nephila Capital is well-positioned to deliver upside to its parent Markel, if catastrophe losses for 2024 come out at a manageable level.

Hurricane Helene continued to intensify right up to landfall on the Big Bend coastal region of Florida, hitting the coast with sustained wind speeds of 140 mph and higher gusts, while storm surge flooding has now reached the highest levels in more than 80 years in the Tampa Bay area.

The momentum seen in the catastrophe bond market over the last year is expected to persist, with further growth in the amount of cat bonds outstanding expected by year-end 2024, Shiv Kumar, President of GC Securities told us in an interview.

Due to severe weather, the Summer of 2024 now ranks as the most destructive season in Canadian history for insured losses at more than CAD 7 billion, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).

The United Kingdom Bank of England’s Prudential Regulation Authority (PRA) expects to launch a consultation into its insurance special purpose vehicle (ISPV) regulatory regime, including introducing a new, accelerated pathway for catastrophe bond applications and a 10-day target for approvals.

Reinsurance broker Gallagher Re has said today that it anticipates the insurance and reinsurance industry loss from hurricane Helene will be in a range of $3 billion to $6 billion, but should it shift closer to Tampa then “the cost to the private insurance market and federally run insurance programs would be expected to notably […]

Descartes Underwriting, a data-driven risk transfer specialist managing general agency (MGA) and insurer with a parametric focus, has launched a Strategy & New Business Division with two key hires, as the company looks to expand the scope of its scientific underwriting offering.

Hurricane Helene is in the Gulf of Mexico and having wrapped convection around itself looks set for rapid intensification over the day as it speeds towards what is still expected to be a Big Bend, Florida landfall. Intensity forecasts are now somewhat higher, as too are the forecasts for a deadly storm surge and for […]

Global Parametrics, a CelsiusPro Group company, has announced the appointment of Harry Titherley from reinsurance broker Gallagher Re as Business Development Director.

If hurricane Helene does not deviate from the currently forecasted path for the storm it is not expected to have significant implications for the catastrophe bond market, according to Swiss specialist asset manager Plenum Investments.