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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures
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The Californian wildfires could add as much as another $10bn of industry losses to the 2017 catastrophe tally, as reinsurers debated whether disclosures on third quarter events were keeping pace with expectations
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Making the scale of flood exposures clear is critical to getting more risk taken up by the private insurance markets, said Willis Towers Watson's head of capital, science and policy Samantha Medlock
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The legacy reinsurance market is catching the attention of ILS funds seeking additional yield and diversification, as business opportunities from insurers looking to offload older portfolios increase due to the tighter capital restrictions imposed by Solvency II
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Credit Suisse US plan; Catco to raise $250mn; BlackRock targets cat bonds
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Returns from a group of cat bond funds tracked by Trading Risk produced an average 3.96 percent loss in the third quarter, plunging from the Q3 2016 figure of up 2.0 percent
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Cat bond rates have only increased slightly for remote risk layers following the third quarter losses from hurricanes Harvey, Irma and Maria and the Mexican earthquakes, GC Securities estimated
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The California wildfires have prompted write-downs to aggregate cat bonds covering USAA and Nationwide, although the former has revised down year-to-date catastrophe loss estimates that had suggested a payout under one of its Residential Re deals, Trading Risk understands
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The 2017 catastrophe events have highlighted the extent to which ILS managers are benefiting from industry loss warranty (ILW) hedging, but market sources have questioned where the losses will ultimately fall as more clarity is gained over HIM claims in months to come
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Everest Re ceded $197.4mn third quarter catastrophe losses to its Mount Logan sidecar, the firm's 10Q filing shows.
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Regular ILS sponsors USAA and XL Catlin have topped up their cat bond cover in the first transactions completed after the 2017 hurricane losses, with pricing on the deals showing an increase in rates.
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USAA's Residential Re 2017-2 cat bond, one the first to be launched after the Q3 losses, has grown by almost a third over the course of marketing and is set to close at $295mn, Trading Risk understands.
