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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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Both private and cat bond funds were down for the month.
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The new deal will fall short of replacing the $950mn the insurer has rolling off risk.
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Palomar expanded its underwriting footprint in 2020 as it entered the specialty lines market.
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Sompo also finalised pricing on its new deal.
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Amid an April renewal that resulted in a slower pace of typhoon rate increases, ILS deals covering Japan have held up above historic lows.
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The insurers have both been able to cut pricing below targets.
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After sizeable increases to take-up in 2019 and 2020, many carriers were already at maximum participation for state Cat Fund coverage.
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Howden, Plenum, Schroder and Solidum are backing the first-of-its-kind bond, which will be cleared on the ILS Blockchain run by Replexus.
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The insurer will also recover from its per-occurrence tower, recouping roughly $700mn of its gross losses from the winter storm.
