Stocks

The latest reports from the Florida regulator put Ira claims over $11bn and Michael claims at almost $3bn.

Nephila's sale to Markel has completed, giving the (re)insurance holding company a 20 percent share of the overall ILS market.

Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.

USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.

Reinsurance brokers need to cut costs if they are to survive being disintermediated, industry veteran Ted Blanch told Trading Risk.

Ultra-high-net-worth investors have seeded the launch of Cayman Islands start-up reinsurer Topsail Re, sister publication The Insurance Insider reported.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.

Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.

Only around three or four reinsurers are managing true asset management platforms, Hiscox Re & ILS chief operating officer Richard Lowther said at the Trading Risk New York Rendez-Vous.

Insurers and reinsurers of the future will have more of a focus on packaging and ceding out risk, but there may be cultural challenges to reaching that goal, according to speakers at the Trading Risk New York Rendez-Vous.

The company has closed about 95 percent of claims, CEO Michael Herbert said.

HCI Group's gross losses from Hurricane Irma have stayed stable in the third quarter.