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The multi-peril coverage was due to expire in June 2026.
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The carriers are seeking $130mn of Class C named storm coverage.
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The carrier has priced the Class A tranche at 525 bps.
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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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The pricing guidance is now 550-575 basis points.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking to raise $100mn of coverage.
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The bond will provide protection against Japanese flood and quake events.
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Sabine Re marks Allied Trust’s entry to the market.
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The cover will include the 50 US states, District of Columbia and Canada.
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
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The spread guidance on both notes has moved lower.
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The bond will insure against named storms in eight US states.
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The vast majority of 2023 recoveries were from events in prior years.
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The state pool is seeking indemnity, annual aggregate cover.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The cover will include the 50 US states, District of Columbia and Canada.
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The issuer is seeking aggregate and per occurrence coverage.
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The guide pricing offers similar multiples to last year’s issuance.
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The client lacked options in the conventional insurance market.
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The bond is currently trading at around 65c in the dollar on the secondary market.
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The transformer vehicle issued $209mn worth of cat bond lites in 2023.
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Pricing is now targeted for 30 January, and closing on 6 February.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn.
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The bond will provide protection from named storms in Florida for three years.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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