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Floridian insurer Heritage now expects to claim $151mn from its Citrus Re cat bonds as its Irma losses escalate, sources told Trading Risk.
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Zurich-based ILS manager Plenum has grown its assets under management (AuM) by almost 40 percent since the start of the year, to reach $355mn at the end of April.
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The Florida carrier increased its spend from $314mn last year to lift its reinsurance protection.
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Cat bond volumes are expected to expand by 20 percent in 2018 in the aftermath of last year’s losses, Fermat Capital wrote in an ILS market update distributed by GAM.
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The Florida-focused carrier obtains reinsurance protection for a 1-in-400-year event.
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The carrier's first cat bond has increased in size and dropped in price as marketing progresses.
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Florida Citizens' latest issuance expands by a quarter during marketing.
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Florida's state-backed insurer is set to buy $1.42bn reinsurance for the 2018 season. -
Florida reinsurance premium rates are expected to rise within a single digit range a year after Hurricane Irma.
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The Zurich based asset manager has grown assets under management by nearly 40 percent since January.
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Yield falls further for Nationwide Mutual’s latest cat bond as final pricing leaves the deal at $450mn in size.
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Despite the decrease, pricing is still up on last year for Nationwide Mutual's cat bond.
