Stocks
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The reinsurer took $743mn of nat-cat losses in the quarter. -
The capital being returned to shareholders is part of a compulsory partial redemption.
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Only around EUR70mn-EUR140mn will fall to private insurers.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The figures imply first-layer reinsurance recoveries for Helene.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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The manager is hopeful of closing all contracts by the end of 2024.
