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The four-year bond will operate on a per-occurrence and annual-aggregate basis covering named storms, earthquake, severe weather and other perils.
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One storm was classified as an EF-3 which means wind speeds of up to 165 mph (266 km/h) have been recorded.
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There are some players in our industry who truly believe that any insurance risk can be securitised.
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The Florida-based insurer reported a $15mn cat loss for the full year.
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The utility’s total pre-tax charges for the 2018 Camp Fire and 2017 Northern California wildfires now stand at $14bn.
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The insurer posted a net loss of $9.3mn for Q4 2018.
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The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.
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This is more than twice the level that some were projecting in September.
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Anyone scanning the news stories we have covered in the past week might get a sense of déjà vu.
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This was up from the $623mn figure reported in its Q2 2018 results.
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The firm said its maximum no-loss return was 30 percent, up from 23 percent in 2018.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.