Hurricane

Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.

The broker has predicted rates rises of at least 15 percent for loss affected cat business.

CEO Downes stressed it was too early to say how the new law will impact insurance pricing.

The insurer’s P&C combined ratio deteriorates to 94.6 percent.

The Gulf of Mexico may see increased storm activity, according to specialists.

The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.

Two tranches of Heritage’s Citrus notes traded at 4.5 cents despite the latest loss reports from the company implying both bonds still have at least 30 percent capacity left.

The net asset value of the class C shares that included 2018 losses dropped by 35.74 percent by 31 December.

Rates rose by almost 15 percent for cat programmes in the Japanese market, according to the French reinsurer.

Severe weather is forecast for parts of Texas, Oklahoma and Kansas on Wednesday.

The increase gives an early indication that reinsurers may be able to secure significant increases at this year’s Floridian renewals.

At 31 January this year, the fund’s net assets reached $62.4mn, almost double the $34.2mn total assets at the same point last year.