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Hurricane Milton will show the ILS product behaving as investors expect it to.

This is a far narrower drop than post Ian, when the index was lost 10%.

A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.

Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.

A $40bn Milton loss should barely dent many ILS returns but will trap some capital.

Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.

Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.

Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.

Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.

Collateralised reinsurance and retro are in the firing line.

Restrengthening to Category 5 is still possible, Siffert warns.

The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.