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The private deal was shelved due to investor questions over aspects of the deal, and the wider macro environment. -
The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.
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Last year’s inaugural Randolph Re issuance was sized at $50.7mn.
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The initiative follows the success of last year’s Jamaica cat bond.
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Marsh McLennan’s Bermuda platform issued $68.3mn in private deals last year.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Pricing has settled at the top end of the reinsurer’s original guidance.
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The new issuances will add to the carrier’s existing $900mn cat bond cover.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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The bond will provide named storm cover to Hanover Insurance subsidiaries across the Northeast.
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The pricing on the storm and quake cover has shifted down from initial guidance, bucking early Q2 trends.
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