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The Durant Re IC deal was the first humanitarian cat bond in the history of the ILS market.
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The high-profile ILS lead has departed Aon Securities to spend more time with his family.
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Aon’s head of capital advisory noted that future investors could be “plugged in” to the Constellation structure set up for the initial JP Morgan deal.
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One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
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The lack of modelling expertise for higher-frequency, secondary ‘all peril’-type losses is putting a rosier tint on catastrophe bonds
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Carriers will not necessarily accept smaller returns in exchange for high ESG scoring vehicles and risks must be properly priced, according to Dirk Lohmann, chairman of Schroders Capital ILS.
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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
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Kevin O’Donnell also said he saw social inflation as more of a concern for the industry than climate change.
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Hannover Re CEO Jean-Jacques Henchoz told Trading Risk there was a “question mark” about whether demand would carry over into next year.
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The former Willis Re vice president and head of European ILS joins as GC’s London ILS leader Des Potter is set to retire.
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It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.
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Year-to-date returns were up to 1.13% as funds continued to recover after being dragged into the red by Winter Storm Uri.