Hurricane Ida 2021
Hurricane Ida made landfall in Louisiana as a major Category 4 storm with 150 mph sustained winds. The immediate impacts were severe, but hurricane Ida’s remnants also created a significant flood event further north.
Early estimates of insurance and reinsurance market losses were pegged at $15 billion to $25 billion, with ramifications for some ILS market positions, especially in collateralized reinsurance.
All of our hurricane Ida news coverage can be found below.
Additional loss creep from 2021's hurricane Ida has now eroded another layer of Louisiana Citizens' catastrophe bond backed reinsurance protection, with the $50 million Class B notes of the residual market insurers' Pelican IV Re Ltd. (Series 2021-1) cat bond set to pay out all of their principal in a read the full article →
Property insurers based and operating in the state of Louisiana have continued to see the claims tally from last year's hurricane Ida creep higher, with the total loss now reaching $13.1 billion, according to the state’s Insurance Commissioner. Insurance Commissioner Jim Donelon has reported that by the end of the first-half read the full article →
The maturity dates for both tranches of Safepoint Insurance Company’s most recently sponsored catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been extended as claims development continues, we understand. The two tranches of the Manatee Re III catastrophe bond had previously been marked down read the full article →
Insurers based and operating in the state of Louisiana are reported to be on the hook for $10.5 billion of losses from last year's hurricane Ida, according to the state's Insurance Commissioner. Insurance Commissioner Jim Donelon reported that by the end of 2021, insurers had paid or reserved for $10.5 billion read the full article →
RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, saw strong inflows from investors in time for the January renewal season, as its Capital Partners unit raised $453 million from external investors. As anticipated, the majority of the new third-party assets under management raised appears to have flowed to joint read the full article →
For our latest Artemis Live video interview we wanted to understand how the industry loss from Hurricane Ida has been developing and explore the complexities in the reconstruction and recovery that could impact just how high the insurance and reinsurance market loss could rise. Who better to do that with, than read the full article →
Both tranches of Safepoint Insurance Company's most recent catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been marked down significantly in the secondary market on potential losses of principal driven by hurricane Ida's impacts. Safepoint's two tranches of catastrophe bond notes from the Manatee read the full article →
Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million. At a Board meeting held last week, Louisiana Citizens staff updated read the full article →
Brit Ltd., the specialty insurance and reinsurance player with a third-party capital management operation under its Sussex Capital entity, is now close to seeing its aggregate reinsurance protection triggered after the major third-quarter catastrophes. However, Brit did not record any catastrophe reinsurance recoveries in the third-quarter, even after the impacts of read the full article →
United Insurance Holdings (UPC Insurance), the Florida headquartered but regionally expansive insurer of catastrophe exposed property, benefited significantly from changes made to its reinsurance program at the last renewals, as a larger proportion of its catastrophe losses was ceded to its reinsurers in Q3 2021. United (UPC Insurance) had previously said read the full article →