hurricane Sandy

CATCo Investment Management, the specialist Bermuda based reinsurance-linked investment manager who manage around $2 billion of retrocessional reinsurance portfolios for their clients, has announced that it is establishing a retrocessional reinsurance loss reserve for the expected impact of hurricane Sandy.

As we move towards the end of the year and the ever important January reinsurance renewals, it’s no surprise to see a new reinsurance-linked investment fund launch or for more cat bonds to come to market. As always, you can read every market news story and article on the Artemis news blog, subscribe to our […]

The ongoing struggle to estimate losses from hurricane Sandy continues to cause consternation among insurers and reinsurers. The complex and unprecedented nature of the storm means assessment has been difficult, particularly claims resulting from business interruption, infrastructure damage and flood claims. It’s hard to assess how much of an impact they will have on the […]

The New York Metropolitan Transportation Authority (MTA) expects to pass on over $1 billion worth of damages caused by hurricane Sandy to insurers and reinsurers, according to a presentation from their latest board meeting. The MTA expects to suffer a loss of around $5 billion thanks to the damage caused by Sandy to New York’s […]

Another initial loss estimate from one of the larger U.S. primary insurers for damage caused by hurricane Sandy has emerged after the CEO of Hartford Financial Services Group suggested that its losses could reach $350m, which is the point at which their reinsurance coverage is triggered. The Hartford is a smaller insurer than others whose […]

U.S. primary insurer Travelers has become the second of the majors to release an estimate of their losses suffered from hurricane Sandy damage. Their estimate of $1.135 billion of gross losses before tax and reinsurance recoveries suggests that their two catastrophe bonds which had exposure to Sandy, Longpoint Re II Ltd. and Long Point Re III Ltd., […]

Risk modelling firm Risk Management Solutions (RMS) held a webinar to update customers and the media on their industry loss estimate for hurricane Sandy, the Paradex modelled-loss estimate and also the potential impact to any exposed catastrophe bonds. RMS had already told clients a few weeks ago that they expected Sandy would result in an […]

The post-Sandy rebound in secondary catastrophe bond prices slowed in the last week. After a healthy bounce of over 1.3% when we looked last Monday, this week the Swiss Re cat bond indices have only seen very slight upward movement. This is perhaps a sign of continuing uncertainty over the eventual insurance industry loss that […]

Once again the market has been dominated by discussion of loss estimates for hurricane Sandy in the last week. We also had more news on an interesting fund launch, news of a novel life reinsurance transaction and insight into how to make cat bonds cheaper. As always, you can read every market news story and […]

In a report sent to investors in its CS IRIS Low Volatility Plus Fund, investment manager Credit Suisse has announced that they intend to implement side-pockets for any investments potentially exposed to losses from hurricane Sandy. A side-pocket will allow Credit Suisse to effectively segregate the investments that are at risk from the rest of […]