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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter. -
The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
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The rate of increase has slowed since the start of the year.
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The seventh issuance this year takes the annual total to $134.08mn.
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On sweltering weeks like this, you can see why climate change has become a talking point that every ILS manager has to cover in their pitch for new investor mandates.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The hurricane made landfall in Louisiana on 13 July but flooding damage was less than feared.
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As Tropical Storm Barry heads for the coast, historical data puts damages from similar storms at less than $1bn.
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Retro brokers are itching to get back to the driver’s wheel – but they may have to wait a bit longerThe retro market has been hard hit in the past couple of years by trapped capital and losses.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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The insurer’s chief regions and markets officer says cyber risk could be adapted to allay investor concerns about long-tail exposures.
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Persistent US thunderstorms also prompt another month of billion-dollar-plus economic damage.
