Hurricane

The ILS market’s momentum should continue into the second quarter and beyond, after the market set a new first quarter record for new issuance, Aon Securities said in its latest ILS report.

Floridian insurer Universal has increased its Hurricane Irma loss estimates by $50mn, adding more than 10 percent to its prior reserve, but it remained bullish on the outlook for its reinsurance renewal.

The London-listed Blue Capital Alternative Income Fund reported a 2.62 percent drop in net asset value (NAV) for the month of March, due to spiralling Hurricane Irma losses.

Everest Re's new Kilimanjaro Re cat bonds have settled at $525mn as pricing dropped to the lower range of tightened guidance.

Florida's state-backed carrier Citizens has launched a $200mn Everglades Re cat bond which will provide it with protection against named storms in the state of Florida, sources said.

The Florida Office of Insurance Regulation has said estimated insured losses from Hurricane Irma for the state have exceeded $8.6bn with 40 percent of commercial claims yet to be resolved.

International Development Secretary Penny Mordaunt will be announcing a UK aid package to strengthen resilience in the Caribbean and a number of other insurance-related initiatives at Lloyd's later today.

Heritage Insurance has appointed Tim Johns as president and CEO of Hawaiian residential hurricane insurer Zephyr Insurance Company.

Insured losses from winter storms rarely rival those resulting from hurricanes and tornadoes but nonetheless they can still reach billions of dollars and may make their way into the ILS market.

The latest PCS loss number for Hurricane Harvey has edged up to $17.1bn, from a prior figure of $15.7bn, sources told Trading Risk.

Cat bond volumes rose to $3.48bn in the first quarter, as diversifying non-US deals bolstered issuance.

Earlier this year, while reinsurance risk-takers were being buffeted by winter storm losses and rising wildfire and hurricane claims, another niche corner of the financial markets was experiencing its own "vol-mageddon".