Posts Tagged ‘windstorms’



May 24th, 2016

GC Securities* Completes Catastrophe Bond Queen Street XII Re dac on behalf of Munich Re

Posted at 5:28 AM ET

GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of a single class of Principal At-Risk Variable Rate Notes (”Notes”) with a principal amount of USD 190,000,000 through the newly formed designated activity company (”dac”) domiciled in Ireland, Queen Street XII Re dac, to benefit Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (”Munich Re”).  This is the largest issuance of the eleven issuances in Munich Re’s Queen Street series since 2011 and the second largest issuance of all Munich Re’s Queen Street series. Additionally, Queen Street XII Re dac is the first special purpose vehicle authorized for the purposes of Directive 2009/138/EC (as amended) (”Solvency II Directive”) in the 144A catastrophe bond market.

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February 18th, 2016

Catastrophe Bond: Fourth Quarter Primary Issuance, Part II

Posted at 1:00 AM ET

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.

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May 12th, 2014

Chart: Confirmed Annual U.S. Tornado Activity

Posted at 1:00 AM ET

The chart reports confirmed annual U.S. tornado activity from 1950 to 2013 of F2 or higher strength with wind speeds of 113 mph and higher on the Fujita scale. 

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May 5th, 2014

U.S. Weather Update: May 2014

Posted at 9:19 AM ET

James Waller, PhD, Research Meteorologist

As a commentary on the 2014 severe convective season and resulting “noise” in the media, severe weather reports remain below the average. This is true for each of the sub-perils of tornadoes, hail and straight-line (nontornadic) wind.

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March 12th, 2014

GC Securities* Completes Catastrophe Bond Queen Street IX Re Limited for Munich Re

Posted at 5:00 AM ET

GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of the Principal At-Risk Notes, with notional principal of $100,000,000, through a newly formed catastrophe bond, Queen Street IX Re Limited, to benefit Munich Re. This is the ninth Queen Street cat bond to benefit Munich Re, the eighth overall cat bond issuance benefitting Munich Re since 2011 and the first cat bond issuance benefitting Munich Re provided via an Irish special purpose reinsurance vehicle.

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February 20th, 2014

Asia/Australasia Catastrophe Review, 2013

Posted at 1:00 AM ET

Asia and Australasia also received their share of both natural and man-made catastrophes in 2013. One of the most costly man-made events occurred in China after a major fire hit a large microchip factory in September. The blaze caused significant damage to the SK Hynix-owned facility in the city of Wuxi, with reports saying the cost to the (re)insurance sector is expected to range between USD900 million and USD1 billion. The incident represents the most expensive single-risk loss on record to occur in China.

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February 19th, 2014

Europe, Middle East and Africa Catastrophe Review, 2013

Posted at 1:00 AM ET

2013 will be remembered in Europe in part as the year of the flood, with the worst flood event affecting several Central European countries in June. Estimated insured losses from this event were around USD4.1 billion, with economic losses of around USD18 billion (1). Persistent heavy rain caused the Vltava, Elbe and Danube Rivers to overflow their banks and in some cases breach flood defenses. Countries affected included Germany, the Czech Republic, Slovakia, Austria, Switzerland, Hungary and Poland.

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November 19th, 2013

U.S. Severe Weather Outbreak, November 2013

Posted at 9:49 AM ET

severe-11-17-smallA late-season severe convective outbreak has affected a large portion of the Midwest, Ohio Valley, and Great Lakes including Southern Ontario. This widespread and violent outbreak has left absolute damage in communities such as Washington, Illinois. The outbreak occurred ahead of a strong cold front affecting the area. Numerous tornadoes have been reported, primarily in Indiana and Illinois, with some preliminary reports as high as an EF-4 rating on the Enhanced Fujita Scale. Reports of pea to quarter sized hail are more widespread, together with damaging winds.

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November 19th, 2013

Climate Change: A Look into the Future: Part II

Posted at 1:00 AM ET

Changing Precipitation Patterns - Drought and Wildfire

Global warming is also impacting drought and wildfire patterns around the world, with notable regional differences. The IPCC says that some regions of the world have experienced more intense and longer droughts (southern Europe and West Africa in particular) while other areas such as central North America and northwestern Australia have seen less frequent, less intense or shorter drought events.

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September 18th, 2013

Ingrid/Manuel Post-Landfall

Posted at 1:00 AM ET

mexico-sep-smallTwo powerful storms made landfall in Mexico on September 15 and 16, causing destructive flooding that has claimed lives and destroyed property. In the Pacific Basin, Tropical Storm Manuel made landfall on September 15 near Manzanillo, Mexico. In the Atlantic Basin, Ingrid struck near the town of La Pesca on September 16. This rare convergence of two tropical storms within such close proximity and time of each other has affected nearly two-thirds of the country, according to Mexico’s Interior Minister Miguel Osorio Chong. The storms have been blamed for more than 50 deaths in the states of Veracruz, Guerrero, Puebla, Hidalgo, Michoacan and Oaxaca.  In the state of Veracruz, damage to bridges and highways, as well as nearly 1,000 homes, has been reported. Both storms are expected to cause heavy precipitation across most of the country over the next few days, leading to possible life-threatening flash floods and mudslides.

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