ILWs

Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.

Terms of the deal were not disclosed.

Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.

The two firms both have large offices on the island, which could create overlap.

City National Rochdale’s Select Strategies fund had posted a -3.90 percent loss at 31 January, driven by HIM.

The city of Osaka sustained most of the losses.

The National Hurricane Center predicted catastrophic freshwater flooding as the eye of the hurricane touched down at Wrightsville Beach.

Heise will identify insurance marketplace pain points to assist Akinova in realising its goal of launching an electronic trading platform for (re)insurance risk, the company said.

Many ILS entrepreneurs have already successfully cashed out.

C shareholders in the Catco Reinsurance Opportunities Fund, who are not exposed to the 2017 losses, saw a return of 6.31 percent for H1 2018 amid low catastrophic activity during the period.

The latest increase in PCS figures for hurricanes Harvey and Irma means that US wind aggregate industry loss warranties (ILWs) that trigger at $30bn have been hit, Trading Risk sources said.

ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.