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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio. -
Most investors in Markel Catco are expected to take up an offer to redeem their shares, as the platform further increased its loss reserves for 2017 events and had its value written down to zero by parent company Markel.
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Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.
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Arguably the single biggest challenge to face reinsurers attempting to attract third-party ILS capital is nothing to do with engaging in fundraising, estimating monthly valuations, or any of the operational facets of asset management.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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Regulatory investigations can move at a snail’s pace.
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The new fund will invest 80 percent of its assets in ILS across various risks and regions.
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The legal action follows losses in share value resulting from regulatory probes into Markel Catco.
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The bond is the ILS market’s first terrorism cat bond since 2003.
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The size of the vehicle was not disclosed.
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Bernard Grzinic was promoted to oversee the ILS teams as well as credit and equity products.
