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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
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Insurance solutions that could encourage investment in disaster mitigation could help developing economies.
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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. -
Finance secretary Carlos Dominguez discussed the bond at the World Bank and International Monetary Fund (IMF) meeting in Bali last week.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range.
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Speaking at the Trading Risk Rendez-Vous in New York, Hudson Structured Capital Management’s Michael Millette said modelling misses helped the reload last year.
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New domiciles introducing ILS regulations could help introduce more sponsors to the market, said Aon Securities CEO Paul Schultz.
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Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
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The two firms both have large offices on the island, which could create overlap.
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The $125mn cat bond remained unchanged in size, as pricing settled at the midpoint of the initial range.
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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.
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Capital inflows continue to exceed loss outflows, the firm said.
