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The firm appointed provisional liquidators, with limited “light touch” powers in late September, as it made a buyout offer in the face of legal action. -
The investor has significantly cut back its allocation over the past few years.
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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS.
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Firm says level of protection secured is testament to market interest in mortgage credit risk.
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.
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The HSCM founder said that, in the last few years, the cost of large losses had been driven up by interconnected events.
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He becomes the first service company provider to hold the title.
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Pricing on the Japan earthquake deal settled toward the higher end of guidance.
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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.
