hurricane Harvey 2017


United passes majority of hurricane loss to ILS & reinsurance

Property and casualty insurance company United Insurance Holdings (UPC Insurance) has passed the majority of its losses from hurricanes Harvey and Irma to its reinsurance capacity providers, with the ILS fund market providing a significant amount of support, as its program is roughly 85% collateralized. At its 2017 reinsurance renewal earlier read the full article →

Reinsurance helps Chubb manage its $3bn gross Q3 catastrophe losses

Reinsurance capital has played a significant role in helping primary insurance giant and specialist reinsurance player Chubb to manage the impact of recent major catastrophe events, with the company managing to claim back around $1.1 billion from its reinsurance partners reducing its near $3 billion gross cat loss down to read the full article →

Retro support helps SCOR to remain profitable so far in 2017

Despite the significant catastrophe losses facing the reinsurance industry, French reinsurer SCOR has reported a profit for the first none months of 2017, as support from its retrocession providers helped the firm to better manage its losses. SCOR's significant retro protection has helped to moderate the impact of recent catastrophes, including read the full article →

Munich Re reveals EUR 3.2bn catastrophe hit, expects EUR 1.4bn Q3 loss

Reinsurance giant Munich Re has revealed the scale of the impact of hurricanes Harvey, Irma and Maria, as well as other losses including the Mexico earthquakes this morning, saying it expects its third-quarter major losses will run to approximately EUR 3.2 billion ($3.8bn). It's a significant bill for the reinsurance firm read the full article →

Lloyd’s lowers Harvey & Irma loss to $3.9bn, adds $900m Maria loss

Lloyd's of London has lowered its estimate of the insurance and reinsurance market's loss from hurricanes Harvey and Irma to $3.9 billion, down from the $4.5 billion it had estimated at the end of September, and has added an estimate of $900 million for losses from hurricane Maria. Lloyd's had initially read the full article →

Markel CATCo hurricane loss reserve hits 20% of listed retro fund NAV

Reinsurance and retrocessional reinsurance investment manager Markel CATCo Investment Management has implemented loss reserves for hurricanes Harvey, Irma and Maria amounting to 20% of net asset value for its listed retrocession strategy, the CATCo Reinsurance Opportunities Fund Ltd. Markel CATCo had implemented a 6% loss reserve for the impacts of hurricane read the full article →

Reinsurance & new quota share limits AmTrust’s exposure to Q3 cats

AmTrust Financial Services, Inc. said it has successfully limited its exposure to third-quarter natural catastrophe events through the use of reinsurance and its new quota share arrangement that it entered into as of August 1st 2017. The company said that it expects the majority of its losses from Hurricane Harvey, Hurricane read the full article →

American Financial replaces reinsurance layers hit by Harvey & Irma

Primary insurance firm American Financial Group, Inc. (AFG), the parent to Great American Insurance Group and Lloyd's focused Neon, has revealed that it has already replaced its reinsurance program layers that were hit by hurricanes Harvey and Irma, one of the many opportunities to replace coverage that have come to read the full article →

Farmers to claim up to $500m on reinsurance for Harvey & Irma losses

U.S. primary player Farmers Insurance said that it expects to claim the total bill from hurricane Irma claims back from its reinsurance panel, with an estimated $140 million expected to be fully recoverable under the terms of its program, which adds to the $360 million of hurricane Harvey claims the read the full article →

Everest Re cat bond rating downgraded as industry losses aggregate

One of reinsurance firm Everest Re's in-force catastrophe bond tranches, a $200m Kilimanjaro Re Ltd. (Series 2014-1) Class B tranche of notes, has been downgraded and had its ratings placed on watch due to the aggregation of industry losses from recent hurricane events. Rating agency Standard & Poor's said that losses from read the full article →