Catastrophe-Bond Funds Suffered Virtually No Losses From Hurricane Milton [Yahoo! Finance Canada]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- After two weeks of number-crunching, it now seems clear that investors in catastrophe bonds emerged from Hurricane Milton relatively unscathed. Most Read from Bloomberg In fact, holders of the bonds may be looking at returns of as much as 12%, according to Zurich-based asset manager and catastrophe-bond specialist Plenum Investments AG. Before Milton struck just south of Tampa on Oct. 9 as a Category 3 hurricane, the market for catastrophe bonds had been bracing for losses as steep as 15%, dwarfing those triggered by Hurricane Ian two years earlier. In the event, losses from Milton will likely be closer to 1%, possibly even less. “The underlying dynamic means that spreads stay at high levels,” said Dirk Schmelzer, managing partner at Plenum, which oversees more than $1.2 billion in insurance-linked securities and insurance debt, including about $900 million of catastrophe bonds. And with this year's hurricane season now unlikely to deliver more losses, the ou
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