Hurricane
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Blue Capital Reinsurance Holdings expects $10.2mn of losses in Q3 resulting from Irma loss creep, Florence and Jebi. -
The insurer said it was too soon to estimate losses within its property business, where it has a $60mn retention.
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A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
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First Protective’s $350mn Frontline Re issuance is the main cat bond that is under watch as a result of Hurricane Michael, sources told Trading Risk.
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The reinsurer said it had a 10 percent share of insured value in Bay and Gulf counties.
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The firm’s estimate aligns with KCC figures but has come in above that of CoreLogic.
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A previous estimate of $2bn to $4.5bn was released just prior to landfall.
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Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range.
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Hurricane Michael’s losses will contribute to a scrappy year for reinsurers and ILS firms.
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Florida’s Bay and Gulf counties will produce the bulk of losses, the modelling agency estimated.
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It is the first storm since 1898 to strike the state as a Category 3 hurricane.
