Loma Reinsurance (Bermuda) Ltd. (Series 2013-1)

The outstanding Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) catastrophe bond, that was sponsored by global insurance and reinsurance group Argo, has once again had its maturity date extended further into the future.

Insurance and reinsurance group Argo has again elected to extend the maturity date further on its at-risk aggregate multi-peril catastrophe bond Loma Reinsurance (Bermuda) Ltd. (Series 2013-1).

Insurance and reinsurance group Argo is not yet ready to make a claim on its at-risk aggregate multi-peril catastrophe bond Loma Reinsurance (Bermuda) Ltd. (Series 2013-1), as the maturity date has been extended again.

Argo Group’s at-risk $65 million Class C tranche of notes from its Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril catastrophe bond has had its maturity date extended into 2019, as loss development continues.

Insurance and reinsurance firm Argo Group has elected to extend the maturity data again for its at-risk $65 million Class C tranche of notes from its Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril catastrophe bond, as loss development continues.

The impact and losses from last year’s hurricanes continues to be assessed and as a result insurance and reinsurance firm Argo Group has further extended the maturity date for the at-risk $65 million Class C tranche of notes from its Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril catastrophe bond.

Insurance and reinsurance firm Argo Group has extended maturity of the $65 million Class C tranche of notes from its Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril catastrophe bond to allow for losses to be finalised, but has allowed the other two tranches to mature showing that they are safe from losses now.

According to Artemis’ market sources, an estimate of sponsor Argo Group’s losses suggests that the re/insurers Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril catastrophe bond has been triggered, with one tranche of notes likely to payout in full and another likely impaired.

Another outstanding catastrophe bond has been highlighted as being particularly at risk following the recent hurricane loss events, as ILS investor sentiment and trades suggest one tranche of Argo Group’s Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) multi-peril cat bond is among those that could trigger.

The recent issuance of international specialty insurance and reinsurance company Argo Group’s latest catastrophe bond transaction, Loma Reinsurance (Bermuda) Ltd. (Series 2013-1), adds attractive stability to its financial results, according to its CEO.