Hurricane Ian slashes cat bond values as some face significant losses
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Hurricane Ian slashes cat bond values as some face significant losses

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As the cat bond market plunged into the red last week, the most aggressive devaluations on notes included the FloodSmart bonds benefiting the National Flood Insurance Program (NFIP) and some bonds from Florida cedants.

FloodSmart bonds were priced for a loss of around $870mn across multiple notes, reflecting that water losses are set to be a significant component of the overall impacts of Hurricane Ian.

The

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