Here's our latest Friday wrap-up of key news from the week.
Yesterday we opened registration for ILS NYC 2025, our next ILS market conference. Already 60 of our Super Early Bird tickets have sold, so register here soon to secure that rate.
Hurricane Milton continues to dominate the news cycle, with loss estimates now out from Karen Clark & Company at ~$36bn, Verisk at $30bn-$50bn, Moody's RMS at $22bn-$36bn, and CoreLogic at $17bn to $28bn.
Despite the wide-range in industry loss estimates, UCITS cat bond funds only averaged a -0.77% decline on Milton, while the US mutual cat bond and ILS funds corrected over the days following their initial mark-downs.
Milliman said that Milton will be a minor event for the ILS market, but with some trapped collateral likely.
We also highlighted cat bonds that were marked down the most in price sheets after Milton's landfall.
J.P. Morgan analysts said if Milton losses stay below $40bn they do not feel a turn in the reinsurance market should be expected.
In other news this week, PGGM has allocated $200 million to a new quota share structure named Scenery Re that is managed by Everest's Mt. Logan Capital Management, Ltd. (MLCM).
We also opened registration for an upcoming webinar on capital markets structures for originators (such as sidecars for MGA's).
MMC CEO John Doyle said that the recent hurricanes will influence reinsurance in 2025, while also saying he expects cat bond issuance will remain high through the rest of this year.
A new $14.35m Mangrove Risk Solutions private cat bond came to light, while the Logistics Re deal for Prologis saw its price guidance priced lowered twice.
The latest global cat loss data from Gallagher Re suggests full-year 2024 will again run well-above averages for industry losses.
A new Voussoir Re sidecar issuance came to light from Arch Capital.
Finally, if you haven't seen them, Artemis has a wealth of data and analytics on the catastrophe bond and broader ILS market. View our charts and Deal Directory.
Catch up on our video interviews with ILS market leaders here.
If you prefer to listen, subscribe to our podcast series for audio interviews & additional special episodes.
We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
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