Tremor, the programmatic insurance and reinsurance risk transfer marketplace, has announced it will be running three auctions today for live risk transfer on Hurricane Sally.
Sally is currently approaching the US Gulf Coast and is threatening Florida, Mississippi and Alabama with 85mph (135km/h) winds and potentially deadly storm surges.
With five named tropical storms now churning in the Atlantic at the same time, Tremor believes that live risk transfer is needed, especially with Hurricane Paulette having a big impact on Bermuda.
Tremor’s first auction for Hurricane Sally will be taking place at at 9am ET, followed by another at 12 noon ET and a final auction at 5pm ET.
Tremor currently offers live cat auctions which anyone can enter as a buyer or seller. They are then able to choose from an industry loss trigger for the impending named storm and enter their bids anonymously.
The marketplace offers several auctions per day during catastrophic weather events and runs and closes auctions in a matter of minutes, reporting the clearing price and the syndication immediately.
For the remainder of this year’s hurricane season, Tremor is set to offer live auctions on any day that a hurricane is likely to make landfall.
Sean Bourgeois, Tremor’s Founder & CEO commented: “Tremor stands ready to assist the industry with live risk transfer during significant hurricane events. For re/insurers and ILS funds looking to buy protection discreetly, the Tremor marketplace is the ideal venue.”
“We spun up a market for Hurricane Laura and we commit to do so for all hurricanes in the 2020 season, one of the most active seasons ever.”
Last week, Tremor announced that it had raised another $4 million in financing, bringing its total funds to date to $15 million.