Hurricane

Heritage said that it had closed 87 percent of Hurricane Irma claims as the carrier recorded a fourth quarter operating income of $23.2mn.

HCI Group CEO Paresh Patel said that the firm has had to re-open about 2,000 previously closed Irma claims, or about 11 percent of its original 18,000 total.

ILS asset manager Gemini Re has launched in Florida with $500mn of capacity, which will be used to target US risk, the company has confirmed.

The Florida Hurricane Catastrophe Fund (FHCF) has dropped its estimate of losses it incurred as a result of Hurricane Irma to $2.04bn at 31 December.

Florida Citizens Property Insurance is now expecting to make some reinsurance recoveries related to its Hurricane Irma claims after these losses rose from initial estimates, the insurer's chief financial officer Jennifer Montero said at the Sifma IRLS conference in Miami.

FEMA deputy administrator for insurance Roy Wright said that the agency is pursuing a possible mid-year reinsurance placement that would build on its January purchase of $1.5bn of cover.

Floridian insurer Safepoint is targeting $165mn from its three-year Manatee Re 2018-1 cat bond, according to ?sources.

Floridian carrier Heritage Insurance Holdings expects to reclaim $104.4mn from several tranches of its Citrus Re cat bond issuances following Hurricane Irma, Trading Risk has learned.

United Insurance Holdings (UPC) lined up a new panel of quota share providers in January, as the firm said it had already renewed some of its loss-hit reinsurance layers ahead of the 1 June renewal.

PartnerRe took a $28mn operating loss for the fourth quarter as the impact of Q4 catastrophes was partially offset by a $23mn reduction in estimated losses from Hurricanes Harvey, Irma and Maria.

It was a rough 2017 for investors in ILS, as hurricanes Harvey, Irma and Maria swept through the Atlantic. But 2018 has offered some uplift to yields from the sector.

Two tranches of a Nationwide Mutual cat bond are now expected to have suffered combined losses of $120.75mn, Trading Risk can reveal.