losses

In its latest quarterly report on the catastrophe bond and insurance-linked securities market reinsurance broker Aon Benfield takes a look at some of the cat bonds which were marked down due to hurricane Sandy. A selection of cat bonds faced greater mark-to-market losses than the rest due to the higher potential for loss. Despite mark-to-market […]

A new report published today by risk modeller AIR Worldwide suggests that insurers and reinsurers should be prepared to face insured catastrophe losses of the magnitude seen during 2011 every 15 years. Insured losses from global natural catastrophes exceeded $110 billion in 2011 which AIR said is a 6.7% exceedance probability, so a near 7% […]

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 Class 5 notes of both […]

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 will enable it to withstand […]

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 the cat bond market continue […]

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 quarter earnings. Moody’s says that […]

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 if this is the case. […]

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 also followed up on the […]

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 investors in the asset class. […]

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 to severe thunderstorms and tornadoes […]