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The storm is forecast to strengthen to near major hurricane strength before landfall but is currently clear of trigger levels on a cat bond protecting the country.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn. -
The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
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The offering is the latest in a developing wildfire reinsurance marketplace.
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Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
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From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
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The Eurekahedge ILS Advisers suffered its steepest August fall on record.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
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The carrier also estimated its European flooding burden will be $520mn.
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While the cat bond market has avoided losses this year, any move to sell up cat bonds could act as a counterweight on spreads in the run-up to January renewals.
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This is followed by the severe convective storms in Europe in June which to date have generated losses of $5.1bn, and the Fukushima earthquake in Japan currently at $2.5bn of losses.
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The firm is also planning a windstorm version for Florida hurricanes.
