Hurricane Florence
North and South Carolina, Virginia and Georgia declared a state of emergency following winds, storm surge, and exceptional rainfall and associated flooding this week.
Florence’s slow movement after landfall led to rainfall of more than 90cm in North Carolina.
It will take some time before the scope of the disaster is fully assessed. Mean insured industry loss expectations remain at USD 1.6bn (wind – source: RMS) and USD 3.1bn (wind and storm surge – source: AIR). Inland flood loss estimates have yet to be determined and are not included in those numbers.
Twelve Capital is closely monitoring the above situation and will issue more detailed updates should this event prove material, particularly regarding any potential impact on our portfolios.

Other Events
At the time of writing, the following natural events are ongoing or have recently occurred. At present, these events are not expected to have an impact on Twelve’s portfolios.

Tropical Cyclone Mangkhut
Mangkhut had an impact on the Philippines, Hong Kong, Macau and China last week. Hong Kong and Macau experienced hurricane force winds from this storm. Industry insured losses could amount to hundreds of USD millions, according to estimates by Aon.
This event is not covered by any of the Twelve’s Cat Bonds. With respect to the Private ILS positions, this event is unlikely to have any direct impact on any of Twelve’s positions.

European Wind Storms
Storms Ali (maximum gusts of 164km/h) and Bronagh (maximum gusts of 126km/h) affected the UK, Ireland and Norway last week.

Typhoon Trami
This typhoon is currently located in the Pacific (as a category 4). It is forecast to strengthen and to have an impact on Japan’s Ryukyu Islands and Taiwan later this week.