Casualty/GL
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The transaction complements its previous acquisition of RMS in 2021.
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The casualty ILS platform said it now expects to do more secondary transactions.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The firm says it has condensed the securitisation process into weeks rather than months
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