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The deal is offering a multiple of 11.3x on the expected loss. -
Fifteen events caused estimated losses of $306mn.
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Floir approved nearly 650,000 policies for takeout from Citizens for October and November.
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The broker replaces Goldman Sachs on the business after the bank ceased offering ILS services.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The effort will draw from California’s research and higher education communities.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
