Our news and analysis from the last week
Artemis Newsletter - Wednesday October 16th 2024 | | | - Some hurricane Milton cat bond losses likely, but uncertainty over aggregate structures: Icosa - Progressive says hurricanes Helene, Milton haven't attached occurrence reinsurance - Webinar: Capital markets structures for originators (sidecars for MGA's). Register to watch - Strong September takes UCITS cat bond funds to 10.6% YTD (Milton still to account for) - Hurricane Milton insurance industry loss will be close to $36bn: KCC - Hurricane Milton a minor ILS event, but with some trapping & missed ILW triggers: Milliman - PGGM / PFZW ILS allocation range increased for Munich Re sidecar Leo Re - New $400m Acorn Re parametric US quake cat bond offered with two tranches - Combined Helene and Milton private insured losses to exceed $35bn: Moody's RMS - Milton insured losses in upper-half of $30bn-$60bn range, NFIP up to $10bn: Morningstar DBRS - Arch Capital's Voussoir Re sidecar lists 2024-9 preferred shares - Phoenix sidecar – Challenges the norm, delivers for investors: William Ho, MS Amlin Asia Pacific - Milton flood impacts in Florida "similar to, or even more than Helene" – ICEYE - Cat bonds marked down on hurricane Milton. NFIP FloodSmart Re bonds lead way - Milton cat bond impact less severe than feared, but could drive risk premiums higher: Plenum - Cat bond market index falls 1.34% on hurricane Milton. US wind down 3.64% - Hurricane Milton estimated a 0% – 4% principal loss to the cat bond market: Twelve Capital - Cat bond market drawdown expected, yields likely to rise after Milton: Elementum's Davis - Hurricane Milton loss $30bn – $50bn. Substantial ILS impact not expected: Euler ILS Partners - Mutual cat bond and ILS funds recover ground as hurricane Milton impact clearer - Milton loss below $50bn may not be sufficient to move pricing: Jefferies - Milton could drive property catastrophe reinsurance rates up at 1/1 2025: KBW - ILS a major change that drove deconstruction of re/insurance balance-sheet: Convergence panel - Most mutual cat bond & ILS funds slid a little further on Milton's final approach - Cat bond funds can still finish the year positively: Twelve Capital's Wrosch - Hurricane Milton losses likely below a 5% cat bond market impact: Icosa Investments - Hurricane Milton: Pre-landfall broker loss estimates ranged $15bn to $40bn - Hurricane Milton Cat 3 landfall in Sarasota. Worst case Tampa loss scenarios avoided - Hurricane Milton: Insurance, reinsurance, cat bonds, ILS ready to respond - Some mutual cat bond and ILS fund NAVs fall further on hurricane Milton threat - Hurricane Milton industry loss at $25bn+ changes pricing narrative: Goldman Sachs - Hurricane Milton cat bond loss potential still in wide range: Icosa Investments - Hurricane Milton seen denting cat bond market -1.4% (excl. surge): Plenum - 33% chance hurricane Milton loss above $50bn. Would drive hard market: Euler ILS Partners - Verisk puts hurricane Helene industry loss at $6bn to $11bn, excluding NFIP - Safe to say hurricane Milton likely a $20bn+ insurance market event: Siffert, BMS For continuous coverage in real-time visit Artemis. For details of the latest catastrophe bonds visit our Deal Directory (containing over 1,000 entries.) | Featured Conferences & Events | Reinsurance News is a our sister service which delivers the reinsurance news that matters directly through our responsive website and by email to your inbox. The Reinsurance News website has over 200k readers every single month and it covers the most important reinsurance news, hand selected by an experienced team of researchers and journalists with years of reinsurance industry experience. | Stay in touch with Artemis | | | | |
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