Weather

The reinsurance industry spends a lot of time obsessing about risk modelling, but arguably its efforts to pin down ever more precise estimates of expected losses are let down by a 20th century approach to data handling.

The insurer kept its participation in the state reinsurance scheme stable at 45 percent.

Heritage, UPC and Florida Peninsula are among the major carriers to request more cover from the state reinsurance scheme.

Oxfam aims to scale up the scheme, attracting insurance backing and investors, if the pilot is successful.

An Ares fund has used Nephila-backed proxy revenue swap contracts to help finance three wind farms in Texas.

The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.

The four-year bond will operate on a per-occurrence and annual-aggregate basis covering named storms, earthquake, severe weather and other perils.

One storm was classified as an EF-3 which means wind speeds of up to 165 mph (266 km/h) have been recorded.

The Florida-based insurer reported a $15mn cat loss for the full year.

The utility’s total pre-tax charges for the 2018 Camp Fire and 2017 Northern California wildfires now stand at $14bn.

The insurer posted a net loss of $9.3mn for Q4 2018.

The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.