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The ILS market is often presented as the player in the (re)insurance industry with the deepest pockets, with access to trillions of pension fund wealth in worldwide bank vaults.
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The initial estimate suggests an ultimate outcome broadly in line with market expectations. -
The industry loss warranty will trigger based on a specified number of users in a network experiencing network failure.
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Hurricane Michael is likely to have triggered Floridian window industry loss warranties (ILWs), sources told Trading Risk. The window covers typically attach at ranges between $2bn-10bn and $7bn-15bn, covering Florida wind risks only.
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Neuberger Berman has a diverse base of investors in areas Cartesian Re's ILS platform has not drawn from.
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The $1bn ILW specialist will be remained NB Insurance-Linked Strategies after the sale.
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Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.
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The firm's latest figure for the storm is up from a $25.7bn estimate reported by this publication in June.
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Terms of the deal were not disclosed.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range.
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Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
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The two firms both have large offices on the island, which could create overlap.
