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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds. -
The company is monitoring the NFIP’s flood-exposed bonds.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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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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The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.
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The NHC storm track predicts landfall below Sarasota, south of Tampa Bay.
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Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.
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Collateralised reinsurance and retro are in the firing line.
