Life
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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