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The multiple offered on the deal is around 2.5x the expected loss. -
The bond triggers on a parametric, per occurrence basis, across Class A and Class B tranches.
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Icosa said certain cat bonds could see more than 0.2 points of price movement.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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This is based on insured loss estimates of between $20bn and $60bn.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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A hurricane warning has been issued for the east coast of Florida.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
