Wildfire
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The US has experienced its worst year for wildfire losses since 2007, with insured losses surpassing $1bn for two fires that impacted California in September, Aon Benfield's modelling arm Impact Forecasting said.
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Wildfires that have ravaged California in recent days are set to be the costliest for insurers for 20 years, according to Munich Re.
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The Insurance Council of Australia now estimates insurance losses from January wildfires have risen to A$33mn ($26mn), 60 percent higher than the original A$13mn ($10.65mn) figure it quoted last month.
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GC Securities expects more bespoke cat bond structures to emerge in 2015, it said in its latest ILS market report
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USAA will close its new Residential Re annual aggregate cat bond at $130mn, including $80mn for a particularly high-risk layer of notes, Trading Risk understands.
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Three cat bond deals used data from the PCS Canada service in 2013, which demonstrated a surge in interest in Canadian risk on the ILS market, the loss compilation agency said in its latest market report.
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PCS and the Cayman Islands Stock Exchange have collaborated on a new project to trade industry loss warranty products.
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USAA is set to close its 20th Residential Re cat bond at $300mn as final pricing settled at the lower bound of revised guidance, sources said.
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Military mutual insurer and ILS stalwart USAA is seeking $250mn of cover from its 20th cat bond, Residential Re (2013-1), Trading Risk understands.
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ILS veteran USAA has launched another of its long-running Residential Re (Res Re) cat bonds, seeking more than $150mn of cover against US hurricane, quake, thunderstorm, winter storm and wildfire losses, Trading Risk understands.
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Regular cat bond sponsor USAA has raised an extra $100mn from its latest Residential Re offer to close at $300mn, in the first fourth-quarter bond to target US peak risk, Trading Risk understands.
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ILS veteran USAA has closed its latest $400mn Residential Re issuance, taking total cat bond volumes at the official start of the 2010 US hurricane season today (1 June) to $2.4bn.