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The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
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The estimate marks a 19 percent deterioration on a February forecast.
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The interim CEO said this marks a new era for the utility firm.
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The deal settled at the low end of the revised spread guidance.
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The figure was net of reinsurance recoveries and connected to 15 events in the quarter.
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The firm has narrowed its price guidance range, suggesting a higher multiple.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
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An active hurricane season could further amplify RoL increases, the investment bank warns.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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Covid-19 claims could make the year the most expensive on record, the broker warns.
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Worldwide losses may reach half the level projected by Lloyd’s, analysis suggests.