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Minors has experience working on insurance and reinsurance matters
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The former Everest executive will look to roll out a range of new product lines at the heavyweight MGA.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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Spreads on all tranches of notes settled above the initially guided range.
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CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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P&C re and CorSo reported improved net profits and combined ratios for the quarter.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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The management’s buyback acquisition brings an end to the two-year relationship.
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The carrier experienced a benign Q1 for catastrophic loss activity.
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Large losses came to EUR52mn with low retro recoveries.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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Both vehicles’ credit ratings outlook was also deemed as stable.
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Storms struck the Great Plains, the Midwest and the Southeast.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company plans to reduce its quota share to 20% from 40%.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The early May forecast is driven by factors including the El Niño Southern Oscillation.
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He will report to Kelly Superczynski, Aon’s global head of capital advisory.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The index-based coverage will be for the benefit of Lloyd’s Syndicate 1910.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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Gordon was set to join start-up brokerage Juniper Re last month.
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Combined AuM of UCITS funds stood at $11.3bn as of 26 April 2024.
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The ILS manager claims that 777 Partners “double-pledged” collateral.
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The pension fund’s ILS allocation as of the end of 2023 was CHF300.3mn ($356.8mn).
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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The new Marlon bond offers multiples of 7.4x and 8.9x on the Class A and Class B notes respectively.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
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Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
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The rise in ceded reinsurance premiums written impacted net premiums written.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The firm said it expects Capital Partners to continue to grow.
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The pair join from Validus Re and Axa XL.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Vincent Pomo spent more than 11 years at Everest Re in a variety of roles.
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The firm expects pricing and terms and conditions to hold.
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California is the initial covered area but, following a reset, all US states will be covered.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The pricing fell 13.7% on the Class A notes and 6.5% on the Class B notes.
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The carrier has completed its 2024-25 reinsurance renewal.
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ILS could benefit from focusing on the social aspect of ESG.
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State interference is likely to be required if an attack is large enough to trigger bonds now on the market, experts say.
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Diversification in perils and regions can help the market grow.
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The parametric bond provides coverage for named storms.
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Its Class 13 and 14 notes priced roughly at the midpoint of expectations.
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The practice aligns existing capabilities from Marsh Specialty and others.