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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season. -
Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The cat bond market has benefited from hardening rates and more remote structures.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
