Residential Re 2011 notes downgraded on greater attachment probability due to Sandy

In a move which was to be expected, rating agency Standard & Poor’s have downgraded one aggregate class of notes issued in USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1)  catastrophe bond transaction as a result of the qualifying losses caused by hurricane Sandy. On the 6th November S&P placed the read the full article →

Reinsurers won’t be hurt by Sandy losses unless they reach $50 billion: S&P

A report published by Standard & Poor's suggests that reinsurers have a material cushion before losses from hurricane Sandy become a capital event. Despite continued uncertainty around the final amount of insured losses from the storm, S&P believe that the reinsurance sector's strong capital base and strong earnings this year read the full article →

Insurance industry capital position could withstand $40B loss from Sandy: Fitch

Fitch Ratings have performed some analysis on the potential impact on the re/insurance industry were the industry loss from hurricane Sandy to creep up towards the $40 billion mark. This is interesting as it's gone very quiet on the loss estimate front in recent days and many insurers, reinsurers and read the full article →

Most reinsurers to lose one fiscal quarter’s earnings from Sandy: Moody’s

Ratings agency Moody's has published some additional insight on the impact of hurricane Sandy on reinsurers in their latest CreditOutlook report today. The article discusses the insight gained from a number of reinsurers earnings announcements and what they have said about the potential impact Sandy will have on their fourth read the full article →

Munich Re puts Sandy loss in “mid three digit million Euro” range

Munich Re, the largest reinsurance company in the world, has told its investors that it currently expects to suffer a loss from hurricane Sandy in the "mid three digit million Euro" range. That could put their losses around the $640m mark, which is a fairly significant impact to the firm read the full article →

S&P put Residential Re 2011 & 2012 aggregate notes on watch due to Sandy

As expected, rating agency Standard & Poor's have placed two aggregate tranches of catastrophe bond notes from USAA's Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions on CreditWatch with negative implications. We suggested this was likely to happen in this article last Friday, we read the full article →

USAA’s estimate suggests all Residential Re cat bonds safe from Sandy loss

Insurer USAA, a regular visitor to the catastrophe bond market through their Residential Re series of deals, has released an estimated range for their ultimate net loss (UNL) from hurricane Sandy. As one of, if not the most, prolific primary insurer cat bond sponsors, the estimate will be welcomed by read the full article →

Residential Reinsurance 2011 & 2012 catastrophe bonds upgraded on reduced loss estimates

Back in July we wrote about the downgrade of two outstanding catastrophe bonds due to a number of qualifying catastrophe events resulting in ultimate net losses for the sponsor USAA. Residential Reinsurance 2011 Ltd. (Series 2011-1) and the more recent Residential Reinsurance 2012 Ltd. (Series 2012-1), both suffered losses due read the full article →

Residential Reinsurance 2011 & 2012 catastrophe bonds downgraded on severe thunderstorm losses

The U.S. severe thunderstorm season of 2012 has begun to impact the catastrophe bond market as two catastrophe events have resulted in qualifying ultimate net losses for two of USAA's Residential Reinsurance cat bond deals. According to ratings agency Standard & Poor's two specific outbreaks of severe thunderstorm and tornadic read the full article →

New York has highest financial exposure of properties at risk to hurricanes

A new report from modeling, data and analytics firm CoreLogic shows that despite the focus often being on Florida and the Gulf Coast states, the real exposure to hurricanes exists in the New York metropolitan area, including New Jersey and Long Island. Their report which looks at hurricane storm surge read the full article →