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Houston mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.” -
Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
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Availability of ILS has so far fulfilled investor demand.
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The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
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According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
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Insured losses could be less than $1bn if current NHC forecasts are accurate.
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The forecast comes following the earliest Category 5 storm on record.
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The parametric trigger on the World Bank deal specifies storm pressure of 955mb or lower but its initial reported landfall was at 975mb.
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Hurricane Beryl is expected to strengthen again after hitting the Yucatan Peninsula.
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The parametric structure would have paid out at slightly lower storm pressure.
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Benefits of ILS smart contracts include transparency and tradeability.
