The secondary cat bond market is continuing to recover following Hurricane Irma, as the Swiss Re global cat bond price return index gained another 0.7 percent in the week to Thursday 21 September.
The recent string of catastrophe events, which could make 2017 the most expensive year ever for insured losses, could also erode capital for some reinsurers, Fitch said
Lloyd's syndicates and Munich Re are the reinsurers most active in covering Puerto Rican insurers, according to analysis from sister publication The Insurance Insider
Florida Citizens Property Insurance forecasts that Hurricane Irma will cost it $1.23bn but its losses will not trigger claims under its private reinsurance or cat bond arrangements.
US wholesale giant CRC Group has set up a follow-form distribution facility that will see alternative capital take on property insurance risks fronted by Liberty International Underwriters, sister publication The Insurance Insider revealed.
UPC Insurance said it would take gross losses of between $300mn-$600mn from Hurricanes Harvey and Irma, but would retain a net $83mn of this total after ceding losses to its reinsurers.
