losses

Following on from Tuesdays news that Standard & Poor’s had placed the notes of the Blue Coast Ltd. catastrophe bond onto CreditWatch negative, S&P have now announced that the three tranches have been downgraded. Blue Coast is a 2008 deal that provides Allianz Risk Transfer with cover against U.S. hurricanes on certain coastal counties of […]

Nelson Re Ltd, a Cayman Islands based special purpose vehicle set up to issue catastrophe bonds by Glacier Reinsurance AG, issued a news release. The release states that Glacier Re have informed Nelson Re Ltd that Glacier has incurred approximately $100m worth of claims relating to hurricane Ike. Glacier Re are evaluating the extent to […]

The maturity date of the Avalon Re catastrophe bond from Oil Casualty Insurance Ltd has been extended extended again according to Standard & Poor’s. The original terms of the deal allowed for it to be extended by a period of three months up to eight consecutive times from the original maturity date depending on the […]

Interesting news from Arch Capital in their 2008 fourth quarter financial results that they have doubled their estimate of losses incurred from hurricane Ike. They say this is due to increased industry loss estimates of $18b to $21b as well as from additional information received from clients about actual losses. Seeing loss estimates doubling in […]

It’s often overlooked that there is catastrophe bond exposure in Europe, most of the coverage is related to hurricanes in the U.S. or earthquakes. Only when an event occurs of the magnitude of this past weekends windstorm does it suddenly become a talking point in the insurance-linked securities market. A deadly storm (Klaus) blew in […]

Munich Re has released it’s autopsy of the natural disasters to have caused catastrophe losses during 2008. They say total losses were $200B with insured losses hitting $45B. That insured loss figure is around 50% higher than in 2007. Swiss Re recently released the same but with slightly higher figures, showing the disparity between measurement […]

Swiss Re have released some preliminary estimates for 2008 catastrophe losses in 2008. Taken from a forthcoming Sigma study, the total economic loss is said to be $225B with insured losses coming in at $50B. Hurricane Ike is the top insured loss for the year, followed by Hurricane Gustav and winter storm Emma (which affected […]