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Initial spread guidance for the three-year bond is set at 425-500bps. -
The carrier has raised $75mn of higher-risk Class C coverage.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The reinsurance veteran joins from Artex Risk Solutions.
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Everest is in the process of transforming its ILS offering.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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The regulations are part of a state effort to expand wildfire coverage.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The firm said it benefited from favourable retro market conditions.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
