Mutual Fund and ETF data provided by Refinitiv Lipper. The sixteenth named storm, and sixth hurricane of the record-breaking 2020 Atlantic hurricane season, Paulette developed from a tropical wave on September 7. Hurricane Paulette is taking aim at Bermuda, bringing a threat of serious flooding and damaging winds, according to the National Hurricane Center. Our primary focus is on catastrophe bonds, insurance-linked securities, alternative reinsurance capital, insurance & reinsurance linked investments. The storms, from left, are Hurricane Sally over the Gulf of Mexico, Hurricane Paulette over Bermuda, the remnants of Tropical Storm Rene, and Tropical Storms Teddy and Vicky. Follow James Rogers on Twitter @jamesjrogers, Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. Faith Bridges, the owner of Aunt Nea’s Inn, a hotel along the island’s northern tip, told The Associated Press by phone that she had finalized all preparations by Sunday and given her guests flashlights, warning them the power would go out. Hurricane Paulette’s eyewall is now beginning to reach Bermuda and the island is in for some hours of strong winds and surge. Post was not sent - check your email addresses! But we’d urge our friends, colleagues and contacts located there to watch Paulette closely, as some forecast models suggest a relatively intense hurricane of Category 2 or higher by the time the storm passes Bermuda and Paulette is intensifying on approach. Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more. As the first hurricane threat to Bermuda of the 2020 season, we wish our our insurance, reinsurance and ILS colleagues in Bermuda well and hope the damage from Paulette is not significant. As a home to insurance, reinsurance and insurance-linked securities (ILS) market activity and sitting directly in a hurricane prone part of the Atlantic Bermuda is exceptionally well-prepared. Market data provided by Factset. Market data provided by Factset. Artemis uses cookies to enhance your experience. Legal Statement. Some 50 people sought refuge at a government shelter, and up to a third of the power company's clients were without electricity at one point. Hurricane Paulette remains Category 1 with 90 mph sustained winds just reported by a hurricane hunter aircraft, but is still expected to intensify further after it moves away from Bermuda later today. Strong Winds. “Strengthening is forecast, and Paulette is expected to be a dangerous hurricane when it approaches Bermuda late tonight and early Monday. View all of our Artemis Live video interviews and subscribe to our podcast. or redistributed. Ming said she expects the international airport will reopen by Tuesday afternoon although schools and government agencies will remain closed as officials warned people to stay off the roads after the hurricane given the possibility of downed power lines. This material may not be published, broadcast, rewritten, Hurricane Paulette is taking aim at Bermuda, bringing a threat of serious flooding and damaging winds, according to the National Hurricane Center. Hurricane Paulette was a long-lived tropical cyclone that became the first hurricane to make landfall in Bermuda since Gonzalo in 2014 and only the seventh ever recorded to make landfall on the island at hurricane strength. But she was not worried. Hurricane conditions are expected to each Bermuda during the next 2 to 3 hours and will continue into early afternoon. Storm Surge. All rights reserved. Based on the forecasts Bermuda had been expecting to see hurricane force winds as hurricane Paulette passed nearby, but a direct hit now looks likely with the eye of the hurricane coming very close to the archipelago. Read more about Artemis. What is collateralized (or collateralised) reinsurance? Government officials said in a press conference that there were no … Powered and implemented by FactSet Digital Solutions. “The biggest challenge was preparing in the midst of COVID-19,” she said. This field is for validation purposes and should be left unchanged. The National Hurricane Center (NYC) currently warns, “Tropical storm conditions are occuring on Bermuda now, and Insured Natural Catastrophe & Man-Made Disaster Loss Reports, ART, Collateralized & Alternative Reinsurance Topics, Catastrophe Options & Catastrophe Derivatives, Microinsurance & Weather or Catastrophe Index-Insurance, Introduction To Weather Trading, Derivatives, Futures, Weather Risk Management For Utilities & Energy, Weather Derivatives, Weather Risk Pricing & Structuring, Global Property Catastrophe Rate-On-Line Index – Guy Carpenter, U.S. Property Catastrophe Rate-On-Line Index – Guy Carpenter, Regional Property Catastrophe Rate-On-Line Index – Guy Carpenter, Florida under hurricane warning with storm Eta forecast to strengthen, Swiss Re hires Matthias Meyenhofer for senior European P&C role, Conduit Re expects to underwrite retro & ILW’s, collateralised an option, Philippines Gov requests cat bond loss calculation for typhoon Goni, ILS fund market reports highest monthly return in a year for September, catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. “Paulette Moving Closer to Bermuda. And Heavy Rain Expected to Begin On Bermuda By This Evening,” the center tweeted early Sunday. What are insurance-linked securities (or ILS)? Paulette was centered 275 miles (440 kilometers) north-northeast of Bermuda Monday night and was heading northeast toward open water at 17 mph (28 kph). All rights reserved. Or, email [email protected] with any questions, suggestions or advertising enquiries. Ming had urged people to stay indoors and reminded the more than 70,000 people who live on the island to protect themselves given the COVID-19 pandemic. This material may not be published, broadcast, rewritten, or redistributed.