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It will look to raise between $240mn and $300mn from the bond which was initially marketed at the bottom end of this range.
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The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
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Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers. -
It was the first gain for April in the past four years, as year to date performance scraped into positive territory.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The firm, which markets Fermat-managed ILS funds, did not specify the size of the new investor commitment.
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The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.
