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Zurich-based ILS manager Plenum said its cat bond fund should post a loss of less than 1 percent due to Hurricane Irma, on a modelled basis.
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GC Securities has established a new platform Cerulean Re to write and manage private collateralised reinsurance deals and cat bond lites.
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The cat bond market this week posted its biggest write-down since indices tracking the sector began in 2002, as the Swiss Re global cat bond price return index fell 15.4 percent.
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Stone Ridge Asset Management has posted high single-digit drops to its two reinsurance funds this week as Hurricane Irma heads towards Miami.
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Almost $12bn of the cat bond market is exposed to a first-event US wind loss in Florida, according to Trading Risk data
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ILS investors are expecting a full loss on the $150mn class A layer of a $360mn cat bond issued by the World Bank for the benefit of Mexico's Fonden catastrophe fund, sources said.
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The $150mn Mexican earthquake layer of the MultiCat Mexico bond is exposed to a magnitude 8.1 earthquake that occurred off the southern coast of Mexico overnight
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Hurricane Irma is heading for the Florida peninsula almost a century after the 1926 Great Miami hurricane, which would have been the most damaging storm on record had it occurred today
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Alternative reinsurance capacity grew by 18 percent to $88.8bn in the year to 30 June 2017, Aon Securities said in its latest annual ILS report.
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S&P Global Ratings estimated that 13 cat bonds may be at risk from the threat posed by Hurricane Irma, based on its ratings data - which covers only a very limited scope of the cat bond market outstanding.
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The track of Hurricane Irma and its strength will be critical in determining how many losses could flow to the insurance market, as modelled loss projections for Category 5 storms affecting Florida vary widely
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Aviva's Scott McIntosh said that the general insurer is yet to do a cat bond transaction owing to concerns about basis risk.
