US Midwest
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point. -
The number has expanded by around 40% from an earlier update, sources said.
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The ILS market has won market share at the top of programmes as buying expands.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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Tornadoes have killed at least 32 people in three states.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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The insurance industry has experienced mounting losses from severe convective storms.
