Stocks
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First Protective’s $350mn Frontline Re issuance is the main cat bond that is under watch as a result of Hurricane Michael, sources told Trading Risk. -
The reinsurer said it had a 10 percent share of insured value in Bay and Gulf counties.
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The sale, expected to be completed in the fourth quarter of 2018, will generate net proceeds of $130mn, Man Group said.
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Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.
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Reinsurers not doing business with the end investor are dealing with "fake ILS", the Hiscox Re & ILS COO said.
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Apollo committed an additional $700mn of equity capital to Catalina on completion of the buy-in deal.
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In a keynote address at the Trading Risk Rendez-Vous in New York, Daniel Brookman said the (re)insurer of the future will be “large, global and present”.
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The company is moving away from market-facing collateralised reinsurance funds, head of alternative capital Dan Brookman told this publication.
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The major state carrier absent from the group active in the panhandle is UPC Insurance.
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CoreLogic predicted Michael will strengthen to make landfall at Category 3 strength.
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Lancashire said the net losses could reach $75mn.
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The Loma Re Series 2013-1 Class C, Seaside Re 2017-3 and a portion of the $140.0mn Fibonacci Re 2017-1 have been extended, the BSX said.
