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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week. -
The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
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Amid a wide range of industry loss estimates, it is clear that ILS trapped capital will be a major issue for 2023 with back-of-the-envelope calculations suggesting at least double-digit billions held.
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On average, 4.5 cat events per year generate a $1bn industry-wide loss – there have been six so far in 2022.
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The outlook for AmFam's affiliate NGM Insurance's $70mn 7.25% 20-year surplus notes has also been revised to negative from stable.
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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The National Hurricane Center noted that Ian should weaken rapidly after landfall and transition into a post-tropical cyclone overnight.
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The cat bond specialist addressed potential losses on Florida wind-exposed bonds.
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The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
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The figures include both wind and storm surge losses.
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The National Hurricane Center has issued hurricane, tropical storm and storm surge warnings for a variety of locations.
