thunderstorm

The tornado and severe thunderstorm outbreak which struck southern and midwestern States in the U.S. between the 22nd to 28th April could cost as much as $5.5 billion in insured losses according to risk modeller AIR Worldwide. This estimate includes damage to residential, commercial and industrial properties and auto losses.

Aon Benfield agree with industry estimates for insured losses caused by the outbreak of severe convective weather across the U.S. in April. The record breaking thunderstorm and tornado outbreaks have caused devastation across U.S. midwest and southeastern states during the past month.

The Alabama State Insurance Commissioner, Jim Ridling, said at a news conference yesterday that he expects the State to bear the brunt of the insured losses expected from the recent spate of tornadoes and severe thunderstorms across the southern U.S.

The recent U.S. midwest tornado outbreak is set to go down in history as one of the most active starts to the convective storm season and one of the most damaging on record as early loss estimates begin to be reported. The last two weeks have seen a huge number of convective storms which have […]

Tornado activity over the last week has eclipsed all records for the number of recorded tornadoes recorded and that weather trend looks set to continue for the next few days according to an informative report from risk modelling company EQECAT. A weather system tracking east across the U.S. has generated reports of 267 tornado touchdowns […]

Just over a month after American Family Mutual Insurance Co. closed its first ever catastrophe bond transaction, the $100m Mariah Re Ltd. Series 2010-1 thunderstorm catastrophe bond, they have again tapped the capital markets to secure a second tranche of Series 2010-2 cat bond cover under the same programme. Mariah Re Ltd. , a Caymans […]

We’ve heard from American Family Mutual Insurance Co. that their recent first foray into the catastrophe bond market may not be their last should they require further cover.

Mariah Re Ltd. the catastrophe bond issued by American Family Mutual Insurance to provide itself with cover against U.S. thunderstorms, has closed and been rated by Standard & Poor’s. S&P assigned its ‘B’ rating to the transaction.

A new catastrophe bond is being marketed under the Mariah Re Ltd. special purpose vehicle. This Cayman Islands based SPV has been set up to issue $100m of catastrophe bond notes for cedent American Family Mutual Insurance Co. and its affiliates.