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The vote keeps the programme operating through the hurricane season.
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The issue is the ILS market’s first indemnity flood bond and covers NFIP risks. -
The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.
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A $105mn Lottoland payout and deteriorating Irma losses impacted some ILS funds in June, according to the Eurekahedge ILS Advisers Index.
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The target spread on the first wildfire cat bond has risen from an initial guidance of 600-650 basis points (bps) to 750 bps.
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The California Department of Forestry and Fire Protection said as of yesterday the blaze was only 17 percent contained.
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A Northshore Re cat bond and a one-off deal with third-party capital partners have helped Axis to reduce its catastrophe exposures.
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RenaissanceRe CEO Kevin O’Donnell told analysts: “It feels like the wind is at our backs again.”
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This came as a reduction to net losses from 2017 catastrophes boosted quarterly results for the reinsurer.
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The retirement fund now holds $129mn across two Nephila funds.
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Travelers said that it had reduced its treaty reinsurance limit in order to expand its cat bond protection by $200mn in this year’s renewal.
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The losses were attributed to HIM and the Mexico earthquake last year.
