Public sector-related data can be expansive, containing census data, property risk characteristics, historical loss information, risk rating matrices and natural hazard event scientific tracking. In order to facilitate packaging the sometimes unwieldy data in a way that is useful for risk decision making, utilizing outside resources to improve data transparency can be valuable. Public sector resources devoted to building tools that measure risks that are perceived as “uninsurable” can unlock private sector funding.
Posts Tagged ‘hurricane’
GC Securities* Completes Catastrophe Bond Galileo Re Ltd. Series 2016-1 Notes on Behalf of XL Insurance (Bermuda) Ltd.
GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of three classes of Series 2016-1 Notes, with an aggregate principal amount of USD 300,000,000 through the existing catastrophe bond shelf program, Galileo Re Ltd., to benefit XL Insurance (Bermuda) Ltd. and certain of its insurance and reinsurance affiliates and related entities (XL Catlin). This is the first time that XL Catlin has utilized the 144A cat bond market since XL Group plc’s (XL) acquisition of Catlin Group Limited (Catlin).
Three 144A property and casualty (P&C) catastrophe bonds were scheduled to mature in the fourth quarter, representing USD 595 million of risk capital being returned to investors. Of the USD 595 million, USD 100 million of MultiCat Mexico Limited Class C Notes have been extended past the scheduled redemption date of December 4, 2015 as a result of Hurricane Patricia’s impact on the Pacific coast of Mexico in late October 2015. The Class C Notes, which are parametrically triggered based on central pressure observed or interpolated on or within a defined area, are currently awaiting the release of the National Hurricane Center’s Tropical Cyclone Report in order to determine the principal reduction for the Class C Notes. However, the Class A and Class B Notes from MultiCat Mexico Limited did mature at their scheduled redemption date of December 4, 2015.
Hurricane Patricia made landfall on the Pacific Coast of Mexico as a Category 5 hurricane on the Saffir-Simpson Scale. Patricia was a compact storm, and made landfall in an area of relatively low population density. Reported impacts in the immediate landfall area are severe. However, the track and compact nature of Patricia appears to have spared Puerto Vallarta, Manzanillo and Guadalajara from the most severe impacts, according to media reports.
Here are recent CAT-i stories from the period July to mid-September of 2015.
GC Securities* Report Shows Healthy Catastrophe Bond Activity Supported by Record Issuance of Private Bonds
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today released a briefing and analysis of catastrophe bond activity for the second quarter of 2015, which shows healthy activity across the market and primary issuance levels recorded as the fourth highest second quarter on record.
Typhoon Soudelor made landfall in Hualien County, Taiwan at about 05:00 CST Saturday (21:00 UTC Friday), with one-minute sustained winds of 120 mph (195 kilometers per hour) according to the Joint Typhoon Warning Center (JTWC). Soudelor brought excessive rainfall and strong winds to Taiwan, causing inland flooding, mudslides and reports of widespread damage.
Following the 15 UTC update of the Joint Typhoon Warning Center (JTWC) on August 8, Typhoon Soudelor carries one-minute sustained winds of 75 mph (120 kilometers per hour), equivalent to a Category 1 on the Saffir-Simpson Scale. Soudelor has a pressure of 970 millibars according to the Japan Meteorological Agency.