Hurricane
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The company also has $100mn for US hurricane events. -
The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The revision is significantly lower than the $4.5bn October estimate.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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This came as the market’s underwriting profit dipped 10% for 2024.
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The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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Several Florida start-ups are poised to begin writing business this year.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The industry loss number has increased threefold from an initial $5bn pick.
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Total economic losses were $368bn, 14% above the 21st century average.
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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Cat bonds were a key supply-side driver at 1 January 2025.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The company no longer has any exposure to reinsurance contracts.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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It estimated insured losses from nat cats on track to exceed $135bn in 2024.
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The carrier attributed the intensification of storms this season to climate change.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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The loss figure has increased 200% from the initial number provided in October.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The estimate includes $102mn from Milton and $114mn Helene development.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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The firm recorded a 13.3% nat cat impact to the P&C combined ratio.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The model factors in the effects of climate change to date.
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A total of $2.1bn in Fema money has been approved for the state.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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The Florida carrier reported a 103.5% combined ratio in Q3.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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The Floridian also announced the completion of its first-ever takeout from Florida Citizens.
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The combined ratio included 17 points of catastrophe losses in the third quarter.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The firm will provide an update on 22 November to avoid holiday season.
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September was the strongest performing month since the index began in 2006.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The figures imply first-layer reinsurance recoveries for Helene.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The loss tally is considerably lower than estimates issued by model vendors.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The carrier is looking at a $600-$900mn hit from Debby, Helene, Milton.
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Pricing is expected to “stay neutral of soften” for January renewals.
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The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
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The firm still expects to deliver positive net income for Q3 2024.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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Managers expect Hurricane Milton losses to shore up pricing.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
