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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.
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Panellists at the Insurance Insider ILS conference say forecasts can push capital to “the edges” of the market.
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The World Bank’s Michael Bennett was speaking at the Insurance Insider ILS conference.
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The awards event will be held on 27 June at The HAC, London.
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The consortium will offer up to $50mn of per-program capacity.
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The deal will expand the region and perils covered by Merna Re bonds.
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The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs.
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The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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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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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.