Hurricane
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Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter. -
Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
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Regulators are currently investigating the beleaguered retro manager’s loss reserving.
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Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances.
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The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
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The reinsurer’s Sigma report says just over half of economic losses were insured, as in 2017.
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Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.
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The losses relate to Hurricane Michael and the 2018 California wildfires, the Sompo International subsidiary said.
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The Event-Linked Bond Fund’s net assets reached $373.2mn at 30 September, up from $259.5mn at the same point last year.
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Steep reserve deterioration may reduce confidence in the fund’s reserving process, Jefferies analyst said in a recent note.
