Home Insurance Everest extends the cat bond maturity to cover hurricane Ian potential loss...

Everest extends the cat bond maturity to cover hurricane Ian potential loss creep

4
0


The content of this page is owned by www.artemis.bm. It should not be reproduced anywhere else or there has been an infringement.

Everest Global Re/Insurer has extended maturity for one of its exposed layers of notes to ensure coverage in the event of further developments.

As we’ve previously reported, two of Everest’s outstanding Kilimanjaro Re catastrophe bonds are assumed triggered after the industry loss estimate for hurricane Ian rose above the level required to activate a reinsurance recovery under the terms of the arrangements.

The recovery amounts had been estimated by Everest to at first be $30 million, as the company had said its reported catastrophe losses after the first-half of 2023 were “partially offset by $30 million of catastrophe bond recoveries related to Hurricane Ian.”

Everest estimated that the cat bond reinsurance recoveries related to Hurricane Ian would be $20 million at the time of the quarterly report on September 30th.

The industry losses total does not take into account the size of the recovery.



Continue reading…

Previous articleCreate a Safe Haven for Pet Owners with Paralysis: Self-care, Adjustments and Care.
Next articleCelebrate Elephants at the American Museum of Natural History