Axis Capital
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The firm is focusing on developing specialty offerings.
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The ILS platform ceded around 40% of its total managed premiums of $1.8bn.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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Coburn will report to Jason Busti, Axis Re president of North America.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The $75mn cat bond is expected to close in late November.
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Axis set up a new casualty sidecar in the quarter.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
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