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Parametric (flood & surge) cat bonds can benefit (mortgage) investors

Investors and funds with exposure to mortgage risks are carrying in some cases significant amounts of flood and storm surge risk exposure that is not covered by insurance and has not been transferred, presenting a potential opportunity for parametric risk transfer structures and perhaps catastrophe bonds or ILS. A landmark catastrophe read the full article →

$100m MetroCat Re cat bond prices 16% above mid-point of initial guidance

The New York Metropolitan Transportation Authority’s (MTA) new  MetroCat Re Ltd. (Series 2020-1) catastrophe bond has now been priced, but at the top-end of the revised guidance after investors sought a higher return for the risk, with the deal also sticking at $100 million in size. As we explained yesterday, the read the full article →

MetroCat Re 2020 parametric cat bond pricing lifted on investor response

Price guidance for the New York Metropolitan Transportation Authority's (MTA) new catastrophe bond has been increased after investor's fed back that the initial coupon was not sufficient, we're told, with the parametric MetroCat Re Ltd. (Series 2020-1) cat bond transaction now offering a higher return. This new parametric catastrophe bond from read the full article →

New York MTA to renew MetroCat Re parametric cat bond. Launches $100m deal

The New York Metropolitan Transportation Authority (MTA) has returned to the catastrophe bond market for the third time, seeking to sponsor an at least $100 million renewal of its soon to mature parametric cat bond coverage with a new MetroCat Re Ltd. (Series 2020-1) transaction. The transport operator had secured $125m read the full article →

Florida still ground-zero for hurricane storm surge risk

The state of Florida remains the most exposed to hurricane driven storm surges, with a huge 2.9 million homes in the state considered exposed which together have a combined reconstruction cost value of a stunning $603 billion. As a result, Florida is naturally not just ground zero for reinsurance risk premiums read the full article →

Over $1.5tr of property value at risk of hurricane storm surge: CoreLogic

Analysis from global property information, analytics and data-enabled service provider, CoreLogic, reveals that almost 6.9 million homes along the Atlantic and Gulf coasts, with a combined reconstruction cost value (RCV) of over $1.5 trillion, are at risk of hurricane storm surge inundation. CoreLogic has released its 2017 Storm Surge Report, which read the full article →

Swiss Re helps NY MTA to “transparent” parametric MetroCat cat bond

Global reinsurance firm Swiss Re helped the First Mutual Transportation Assurance Company ("FMTAC"), the New York State captive insurer of the Metropolitan Transportation Authority ("MTA"), to "transparent" protection through its $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond. The capital markets and investment banking specialist unit of the reinsurer, Swiss read the full article →

New York MTA uses ILS to create “tension” between reinsurance markets

Executives from New York Metropolitan Transportation Authority (MTA) and its captive insurance subsidiary, First Mutual Transportation Assurance Co. (FMTAC), have discussed how the entity utilises the capital markets to create tension and competition between markets when placing its reinsurance program. The MTA’s 2017-2018 property reinsurance program is capitalised to the tune read the full article →

New York MTA’s new MetroCat Re 2017 cat bond priced below mid-point

The new $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond from the New York Metropolitan Transportation Authority (MTA) has now been priced at a level below the middle of guidance and sources tell us the deal has not been upsized. The second catastrophe bond to be sponsored by the New York read the full article →

New York MTA targets $125m parametric MetroCat Re 2017-1 cat bond

The New York Metropolitan Transportation Authority (MTA) is returning to the catastrophe bond market for its second issuance, a $125 million MetroCat Re Ltd. (Series 2017-1) cat bond, which will provide the NY MTA's captive insurer the First Mutual Transportation Assurance Co. with parametric storm surge and earthquake reinsurance protection. The read the full article →