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The broker said new capital inflows to the sector also reduced from the levels seen last year. -
The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The fund incurred most of its losses in the fourth quarter.
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The cat bond is the first since 2013 for the state wind pool.
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AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
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There was also evidence of one investment manager renewing its interest in the asset class.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
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Friederike, a compact and fast-moving extratropical cyclone, struck four countries in January last year.
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Spreads on the health insurance cat bond have dropped, but still above the record low level on the 2018 deal, according to sources.
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The Florida Office of Insurance Regulation has now tracked more than $5bn of Hurricane Michael claims.
