Reinsurance

The California Department of Forestry and Fire Protection said the blaze was so far spread across 150,000 acres and was 65 percent contained.

Sussex Capital UK PCC will be able to write collateralised reinsurance deals for numerous cedants.

Insured loss estimates for the storm have now pushed into the $10bn-$15bn range, from $5bn-$10bn estimates last week.

The ILS market is often presented as the player in the (re)insurance industry with the deepest pockets, with access to trillions of pension fund wealth in worldwide bank vaults.

The acreage burned so far this year is already almost double the amount last year, the ratings agency said.

There would be a 30 percent loss if there were between 250 and 750 confirmed deaths.

ILS Capital Management has taken a minority stake in US insurer Producers National, the firm told Trading Risk.

The new IFRS 17 accounting standard, which will be mandatory from January 2021, could lead to ILS opportunities in the life sector from as early as the middle of next year, sources said.

Tokio Millennium Re’s agreed sale to RenaissanceRe will open up an opportunity for competitors to enter the fronting market.

ILS market participants said there are various ways to manage loss creep in a collateralised reinsurance framework.

Only around three or four reinsurers are managing true asset management platforms, Hiscox Re & ILS chief operating officer Richard Lowther said at the Trading Risk New York Rendez-Vous.

The Florida insurer said it had no concerns about collateral availability to meet Irma claims.