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The claims tally has increased 7% since the last estimate a month ago. -
The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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The Swedish fund AP2 invests in Fermat GAM, Elementum and Credit Suisse.
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Tropical Storm Alberto, the first named storm of this year’s Atlantic hurricane season, made landfall this morning over Mexico and Texas, bringing heavy winds and gusty rains, according to the US National Hurricane Center (NHC).
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This takes pre-tax year-to-date cat losses to $2.62bn.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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The Canadian pension plan’s investment rose to 1.2% of its total fund.
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Alberto is the first named storm of this year’s hurricane season.
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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.
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Amy Stern started her career as vice president of group reinsurance at Zurich Re.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
