Trading Risk September 2018

Citrus Re cat bond losses have more than doubled since May amid rising claims from Hurricane Irma, with the total $324mn payout expected to flow to Heritage set to be a new record for the ILS market.

Markel Catco has said adverse development covers have never been a material component of its portfolio, although sources told this publication the firm has been offering the product to buyers for a number of years.

Covea’s reinsurance buying team say they value the face-to-face relationship with cat bond investors.

People moves in the ILS market, September 2018

Mt Logan Re investors took $133.8mn of losses in Q2 as its parent Everest Re suffered from adverse development on 2017 claims, undoing the benefit of reserve releases booked in the fourth quarter last year.

Of the listed Florida-based insurers, Federated National and Heritage recorded the greatest increases on their Hurricane Irma losses by the second quarter reporting period.