Vis_Light-Wave_244

Newsletter March 2017

Little impact on ILS funds from various events

Stable cat bond performance

The average ILS fund was up by 0.32% in February as measured by the Eurekahedge ILS Advisers Index.

At the beginning of the month, a significant outbreak of tornados hit several states in the U.S. and caused damage to over 1,000 homes. An earthquake of Mw 6.5 struck the southern Philippines and destroyed over six thousand houses. New South Wales was hit by a series of fierce thunderstorms that brought strong rains, winds and hails in some areas. The estimated insured losses reached USD 250m. Storm Doris or Thomas struck the northwest of Europe. It is the 4th named storm that hit the area this year and caused widespread disruption to transportation, such as flights and railway. The total losses for the event is still unknown but it caused insured losses of over USD 100m in Germany and the UK. At the end of the month, there was another outbreak of about 60 confirmed tornados in the U.S.. Hundreds of homes were damaged and losses were estimated to be several hundred million USD.

Primary issuance for cat bonds was slightly lower than in January. Cin-cinnati Insurance Company came to the market with a USD 180m trans-action to provide cover from U.S. earthquake and severe thunderstorms. Repeating issuer Heritage issued its 5th cat bond, amounting to USD 125m. The bond covers U.S. named storms and provides a coupon of 6%, the bottom of end of the original price guidance, against an expected loss of 3.08%. In a rare case, Lloyd’s of London catastrophe lines focused syndicate ICAT 4242 issued a cat bond with an amount of USD 164.5m which coveres U.S. storms and earthquakes. The bond was also priced at the lower end of the price guidance. Cat bond price return was minus 0.11% and total return was 0.32% (Swiss Re Cat Bond Indices). For private ILS funds, we didn’t see material impact from events durig the the month and the returns were determined by premium allocation according to seasonality.

All 34 funds represented in the Eurekahedge ILS Advisers Index were positive for the month. The difference between the best and the worst performing fund was 0.99 percentage points, which was higher than pre-vious month’s figure. Pure cat bond funds as a group were up by 0.24% while the subgroup of funds whose strategies include private ILS increased by 0.38%. Private ILS funds outperformed pure cat bond funds by 1.57 percentage points on annualized basis.

See previous newsletters

said Morada resident Ed Schroeder, 72, a retired hospital executive. “If we switch to meters and everyone lets their lawn go, it will change this whole neighborhood.”While most of California’s large cities have been fully metered for generations, proximity to abundant water supplies has long fueled resistance to meter installation in the Central Valley. But that attitude is quickly changing because of the drought, coupled with a state law that requires every California community to install water meters by 2025. That shift is the focus of the latest installment of this newspaper’s ongoing series, “A State of Drought.” “The days when anyone could use as much water as they wanted without paying a fair price for the volume should be over,” said Peter Gleick, president of the Pacific Institute, a nonprofit group in Oakland that studies water issues. The same ballot measure at the center of the dispute, Proposition 218, also helped San Juan Capistrano residents win a closely watched legal
Blalock Steve Ruark / Baltimore Sun Media Group Marriotts Ridge’s Sarah Blalack, right, checks Atholton’s Rachel Foster during a high school girls lacrosse game in Marriottsville on April 28, 2015. Blalock was named to the Brine All Star game. donte moncrief l women jersey Marriotts Ridge’s Sarah Blalack, right, checks Atholton’s Rachel Foster during a high school girls lacrosse game in Marriottsville on April 28, 2015. Blalock was named to the Brine All Star game. (Steve Ruark / Baltimore Sun Media Group) Forty girls from the Baltimore area will compete next week at the Brine Lacrosse Classic in Virginia, which features three age group teams from Maryland vying against teams from across the country. More than 1,700 players from 31 states will take part in girls and boys competition June 29 to July 2 at the River City Sportsplex in Richmond. The event, in its eighth year, gives players a chance to be. Calvert Hall wide receiver Morgan Scroggins commits to Towson Morgan Scroggins Kenneth K. Lam Calvert Hall wide receiver Morgan Scroggins, left,
Articles Connexes: