Here is a look back at the top CAT-i stories for the year 2016.
Posts Tagged ‘Storms’
Here are the most recent CAT-i stories covering January through June of 2016.
Everest Re successfully issued two tranches of Kilimanjaro Re Ltd. Series 2015-1 Notes representing an aggregate principal amount of USD 625 million. The catastrophe bonds provide Everest Re Group, Ltd. with protection against U.S. earthquake and named storm events on a per-occurrence, PCS-reported industry insured index-derived basis. The Class D Notes carry a one-year expected loss of 5.25 percent, based on AIR’s WSST catalog and investors receive an initial interest spread of 9.25 percent per annum (initial price guidance was quoted as 9.00 percent to 9.75 percent). The Class E Notes carry a one-year expected loss of 3.00 percent, based on AIR’s WSST catalog, with investors receiving an initial interest spread of 6.75 percent per annum (initial price guidance was quoted as 6.50 percent to 7.00 percent). The Series 2015-1 Notes represent the third time Everest Re has accessed the capital markets since 2014 with USD 1.575 billion aggregate limit currently outstanding.
From January 21-23, a significant winter storm affected areas of the United States from the Southeast to the Mid-Atlantic to New England. The winter storm, unofficially named “Jonas” by the Weather Channel, produced significant snowfall totals from Washington D.C. to the New York Metro area, breaking many daily snowfall records. Strong winds together with blowing snow often reduced visibility below a quarter mile. Strong onshore winds brought hurricane-force wind gusts to some areas and drove a storm surge impacting areas of Delaware and New Jersey.
A multi-day severe weather outbreak occurred during the period of May 28 to June 2 affecting a large area of the United States and Southern Ontario, Canada. The outbreak occurred along a complex and evolving frontal boundary as it pushed through the mainland into and during the weekend. Affected areas include the foothills of the Rocky Mountains, the South and Central Plains, the Mississippi Valley, the Midwest, the Great Lakes and New England.
Two major winter storms have caused severe disruption to northeastern regions of the United States over the last week, affecting millions of people and forcing several states to declare emergencies. The heavy snowfall and strong winds associated with the storms caused trees and power lines to fall across the region, which in turn knocked out power to hundreds of thousands of homes and businesses. There have also been reports of property damage as buildings collapsed under the weight of heavy snow. States of emergencies have been declared in Washington DC, Maryland, Delaware, Virginia and New Jersey after record-breaking snowfall. The storms forced government buildings, businesses and schools in the region to close and caused severe transport disruption. Reports said at least two people were killed during the storms.