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Hudson Structured founder Michael Millette joins the board of directors after his company led the InsurTech’s latest funding round.
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The pension fund holds 0.6 percent of its assets in ILS.
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The class C notes are being offered with an initial guidance of 525-575 bps.
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Pricing for both tranches of the deal stayed within the midpoint of the initial target range -
Phil Kane has been appointed senior credit officer, reporting to CEO Luca Albertini.
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Currently, most people trying to describe the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles.
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However, executives agreed that 2020 would end with an increase in alternative capital levels.
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The sovereign wealth fund for the United Arab Emirates has allocated more than $0.5bn to the sector, sources said.
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A group of ILS funds tracked by Trading Risk produced more robust returns in Q3 compared to last year’s third quarter, despite Typhoon Faxai and Hurricane Dorian.
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New Zealand’s sovereign wealth fund posted a 2 percent drop in its ILS holdings over its financial year while Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec invested $500mn in a new insurance investment platform.
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Access to risk has been the biggest driver of M&A deals for independent ILS funds, TigerRisk Capital Markets & Advisory co-CEO Jarad Madea said at Trading Risk’s conference in New York last month.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
