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The sovereign wealth fund’s ILS investments grew to $828mn. -
The firm still expects to deliver positive net income for Q3 2024.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
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The ILS allocation increased in dollar terms and held steady in euros.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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The company said $13bn-$22bn will come from wind damage.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
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Florida domestics, aggregate retro and flood deals were all marked down.
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The catastrophe loss estimate for September totalled $889mn, pre-tax.
