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The ILS expert spearheaded modelling of catastrophe bond issuances during his time at AIR Worldwide. -
The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.
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It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
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Twelve Capital said that typically 70%-80% of aggregate cat bond deductibles remain after earlier loss events.
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Most of the damage occurred in Mexico as the country weathered an estimated $300mn of losses.
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The risk modeller said Henri’s weakening before landfall spared the northeast US from the damage originally forecast.
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The storm is expected to be a “multi-million dollar” insurance industry loss event, rather than a billion-dollar event, according to BMS meteorologist Andrew Siffert.
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The hurricane made landfall near Tulum, registering a 986mb pressure reading.
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The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.
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The trust will invest at least 80% of its total assets in securities that, in the advisor’s assessment, meet a specified ESG criteria.
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Cat bond prices are now approaching historic lows on certain types of deal and compare to “hot market years” such as 2018.
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It is expected to hit Mexico’s east coast early on Thursday morning before moving on to the southwest Gulf early on Friday.
