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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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The partnership will add more capacity on the platform from April.
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The carriers are seeking $130mn of Class C named storm coverage.
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The bond is Allied Trust’s debut issuance.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The cedant’s Namaka Re bond is offering a spread range of 225-250bps.
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Stefan Sperlich will lead the new unit as managing director.
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The two classes of notes are sponsored by separate insurers.
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The carrier has priced the Class A tranche at 525 bps.
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The new facility is backed by Lloyd’s syndicates and London-based international insurers.
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Severe convective storms were the biggest driver of last year’s losses.
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He will oversee the syndicate’s catastrophe modelling capabilities.
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The launch is Chaucer’s first foray into the class.
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The rise comes as competition has increased for ILS between jurisdictions.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The carrier also narrowed the pricing guidance for the two types of notes.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
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The carrier has priced the Class A tranche at 500 bps.
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Pricing on the Class A notes is at the lower edge of guidance.