Hurricane

MS&AD will recover more than half its gross 2018 typhoon losses from reinsurers.

The latest reports from the Florida regulator put Ira claims over $11bn and Michael claims at almost $3bn.

The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.

The initial estimate suggests an ultimate outcome broadly in line with market expectations.

Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.

The Italian insurer also plans to renew its Azzurro Re I cat bond next year.

The uptick is the result of more cat bond holders looking to sell, sources said.

USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.

New Paradigm said it will use the proceeds to expand its proprietary parametric data platform and expand its support teams.

Losses ceded to the sidecar amount to $182.4mn for the first nine months of the year.

Last year’s catastrophe losses were exactly the kind of disaster event that made it easy for ILS managers and reinsurers to pitch to investors for fresh capital and to succeed in delivering the “great ILS reload” at the year-end of 2017.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.