Gator Re Ltd Series 2014-1

An extension notice has been filed for the stricken Gator Re Ltd. catastrophe bond transaction that suggests a partial repayment event and retention of $35 million, which is higher than the figure anticipated after the November loss report was released, providing a buffer for further development.

Qualifying reported claims covered by the Gator Re Ltd. catastrophe bond transaction have now passed the attachment point, Artemis has learned, with the latest loss report for the cat bond revealing an impact of over $195 million at the end of November.

Once again the latest loss report for the Gator Re Ltd. catastrophe bond transaction shows that qualifying losses have risen further, almost reaching the entire way through the cat bond’s aggregate retention layer, now over 94% of the way to the trigger attachment point.

Despite the fact that qualifying losses have further eroded the aggregate retention layer beneath the trigger point of the Gator Re Ltd. catastrophe bond transaction, the latest secondary market trading price has risen this week.

The Gator Re Ltd. catastrophe bond transaction is once again getting closer to attaching, as the latest loss report to the end of July shows that the aggregate retention layer beneath the cat bond’s trigger has been almost 85% eroded by severe thunderstorm losses.

The Gator Re Ltd. catastrophe bond transaction, issued for ceding Florida primary insurance firm American Strategic Insurance in 2014, which has again seen its aggregate retention partially eroded due to qualifying losses from severe thunderstorms has recovered some of its lost ground in the secondary market.

Once again, Florida primary insurance firm American Strategic Insurance’s Gator Re Ltd. catastrophe bond transaction is becoming more risky, as the aggregate retention layer beneath the cat bond’s trigger has been partially eroded due to qualifying losses from severe thunderstorms.

Florida primary insurer American Strategic Insurance’s Gator Re Ltd. catastrophe bond saw some trading activity earlier this month despite the threat of losses, but a recent thunderstorm and tornado system may produce additional qualifying losses.

The ongoing situation surrounding Florida primary insurer American Strategic Insurance’s Gator Re Ltd. catastrophe bond has deteriorated further, as mounting catastrophe losses have risen further towards the cat bond’s attachment point.

According to broker pricing sheets, the secondary pricing mark for Florida primary insurer American Strategic Insurance’s Gator Re Ltd. catastrophe bond has declined, as the market absorbs the fact that as much as 75% of the retention beneath the trigger is eroded.