Losses
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Insured loss estimates are not yet available.
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The US tallies $97bn in economic losses from major perils each year.
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The vast majority of 2023 recoveries were from events in prior years.
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The notes were further marked down after a year-end Ian loss update.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
Most Recent
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Hannover Re cuts ceded losses 72% to EUR349mn in 2023
18 March 2024 -
Postcard from Sifma: ILS recovery is fragile
18 March 2024