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If insured losses from Hurricane Harvey remain in the single-digit range, primary insurers are likely to retain the majority of claims, Standard & Poor's said in a report on the disaster.
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Hurricane Harvey made landfall last night as a category 4 storm, with an estimated central pressure at landfall that the National Hurricane Center estimated at 938 mb and maximum sustained winds of 130 mph (215 km/h).
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A couple of cat bonds are now trading below par value, as the ILS market reacts to the advent of hurricane Harvey.
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If Hurricane Harvey remains on its projected track, reinsured damages could be contained relative to similar storms that have hit Texas in the past.
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The leading homeowner carriers in Texas are dominated by several nationwide US insurers with relatively high attachment points on their reinsurance programmes, according to market share data from AM Best.
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Third Swedish National Pension Fund (AP3) was a lead investor in the World Bank's pandemic cat bond, the fund revealed in its H1 report.
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The Philippines is aiming to expand its catastrophe risk insurance programme to include a sovereign cat bond, according to Swiss Re's Global Partnerships division.
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Insured losses would reach $56bn if hurricane Andrew happened today, AIR Worldwide have said.
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The availability of alternative capital is contributing to the continuing drop in prices in the traditional reinsurance sector, according to Fitch Ratings.
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Catastrophe losses have eroded more than 60 percent of the deductible on Cincinnati Financial's Skyline Re cat bond, according to the firm's second quarter results filing
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Stone Ridge Asset Management has appointed Denver-based Alps Distributors as its new distributor
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The maturity date for the remainder of American Strategic's Gator Re cat bond has been extended by one month, according to the Bermuda Stock Exchange.
