Twelve Capital Event Update

25 September 2023

There have been two further named storms in the previous week, namely Tropical Storms Ophelia and Philippe. Ophelia developed east of Florida early last week and headed northwards where it made landfall in North Carolina. Given the low severity of the storm, Twelve Capital does not expect any impact on its portfolio positions from this event. Tropical Storm Philippe developed off the west-coast of Africa and is currently in the middle of the Atlantic, with forecasts signalling the storm to curve eastwards away from U.S. mainland in the coming days.

In addition to the two named storms above, there are two further areas of low pressure in the Atlantic that require monitoring. The first, named Invest 91L, is currently located off the west-coast of Africa, and has an 80% probability of formation through the next 7 days. Current forecasts have the storm curving and remaining in the Atlantic, albeit these forecasts have increased uncertainty given the storm is in its early stages. The other area of low pressure is located in the Gulf of Mexico, with a 10% probability of formation through the next 7 days.

Twelve Capital continues to closely monitor relevant potential and actual catastrophe events and will issue specific updates on new major events which occur.