hurricane Irma 2017

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Another $100m tranche of Heritage’s Citrus Re cat bonds pays out

Another $100 million tranche of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc’s Citrus Re Ltd. catastrophe bond tranches looks to have paid out, as the cat bond note balance went to zero and the extended tranche was allowed to mature.As we explained recently here, two of Heritage's read the full article →

Safepoint’s Manatee 2016-1 cat bond matures, $20m loss realised

Safepoint Insurance Company's 2016 Manatee Re catastrophe bond has been matured, which we're told allowed the $20 million reinsurance recovery to be made so investors could realise their losses from the hurricane Irma impacted Manatee Re 2016-1 Class C notes.Almost immediately after hurricane Irma struck Florida in September 2017 it read the full article →

Some of Heritage’s Citrus Re cat bond tranches appear to be paying out

Some of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc's Citrus Re Ltd. catastrophe bond tranches appear to be paying out, following the rising losses the carrier suffered after hurricane Irma in 2017.Heritage was among the insurers with the broadest exposure to 2017's hurricane Irma, given its significant read the full article →

Hurricane Irma claims paid pass $11.1bn but 76,298 remain open – Florida regulator

The Florida Office of Insurance Regulation (FLOIR) has recorded another near 6% rise in the number of insured claims from last year's hurricane Irma to roughly $11.1 billion and this loss creep is set to continue as 76,298 claims from the storm are still open in the state.Hurricane Irma loss read the full article →

Florida Citizens to recover $126.4m from reinsurers for hurricane Irma

Florida’s Citizens Property Insurance Corporation has revealed that it expects to claim back $126.4 million from the private reinsurance market to help it pay for claims from hurricane Irma.Florida Citizens experience with hurricane Irma claims escalation has reflected the market, with loss creep and assignment of benefits (AOB) related issues read the full article →

ILW volumes rise in 2018, price softens despite capacity shortages: Aon Securities

Industry loss warranty (ILW) trading volumes have risen in 2018 so far, with protection buyers showing renewed interest in the industry loss trigger based product, but while volumes rose Aon Securities has also noted that, despite capacity shortages at times, ILW prices are tending to soften.Year over year capacity has read the full article →

Hurricane Irma insured claims rise another 8% to $10.5bn – Florida regulator

With the hurricane Irma related loss creep continuing to be experienced by the market, the number of insured claims counted by the regulator in Florida has reported another 8% rise in total insured losses from claims reported, now reaching almost $10.5 billion.As a result, the impact to insurance, reinsurance and read the full article →

ILW prices fall for Florida wind, despite Irma loss creep

Industry loss warranty (ILW) pricing for Florida wind contracts and all natural perils has fallen in recent weeks, despite the fact that further ILW losses are expected after recent updates to insurance and reinsurance industry loss estimates for hurricane Irma.It's a further sign that pricing in general for property catastrophe read the full article →

Irma loss creep hits Lloyd’s syndicates & Floridian insurers

The creeping insurance and reinsurance industry-wide loss from last year's hurricane Irma continues to impact the industry, with new loss creep estimates emerging from segments of the market that were most affected, now including Lloyd's of London syndicates and the leading Floridian primary insurers.As the industry impact of hurricane Irma read the full article →

More ILW’s to pay out on latest hurricane Irma industry loss increase

A number of industry-loss warranty (ILW) contracts providing retrocessional reinsurance are set to pay out after the latest updates to third-party data providers estimates of insurance industry losses caused by last year's hurricane Irma.At the beginning of July the industry loss estimate for hurricane Irma passed another key ILW trigger read the full article →