Stocks
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The bond is split into three tranches of notes. -
Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Shareholders are voting to approve being wound up on 18 December.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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The capital being returned to shareholders is part of a compulsory partial redemption.
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Only around EUR70mn-EUR140mn will fall to private insurers.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The figures imply first-layer reinsurance recoveries for Helene.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
