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Hannover Re's K sidecar includes exposure to the aviation market, but overall ILS participation in such risks is limited. -
Mohit Pande says insurers’ models are failing to take into account the impact of Atlantic Multidecadal Oscillation on storm frequency.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Around 95% of the loss was property damage, mainly residential.
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The risk modelling firm also says offshore energy losses from the storm are unlikely to exceed $1bn.
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His appointment comes after Steve Bitar took over as CEO in April.
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The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.
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The rating actions follow "diminished results" since 2016, the agency said.
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Claims forecasts have so far fallen in line with loss expectations well below $5bn.
