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The fund has a strong focus on cedant quality and transaction structures.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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As a result of mostly flooding, £474mn of losses occurred in the UK.
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The Class A notes priced well below the midpoint of initial guidance.
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Researchers expect 15-20 named storms to form in the Atlantic Basin.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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ILS returned 3.2% for the scheme in the first quarter.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
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