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Florida domestics, aggregate retro and flood deals were all marked down. -
The multiple offered on the deal is around 2.5x the expected loss.
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The bond triggers on a parametric, per occurrence basis, across Class A and Class B tranches.
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Icosa said certain cat bonds could see more than 0.2 points of price movement.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The company is monitoring the NFIP’s flood-exposed bonds.
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This is a far narrower drop than post Ian, when the index was lost 10%.
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A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
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Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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This is based on insured loss estimates of between $20bn and $60bn.
