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They will join the team led by Stefano Sola to bolster Vesttoo’s alternative investment products. -
Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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Beyond pandemic exclusions, there has been a mixed response to changing ILS terms after the trapping issues.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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CEO Luca Albertini has no immediate plans to step down but the firm said the promotion provided clarity on succession plans.
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The allocation increased in dollar terms by just under 2% during the past year.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The ILS fund said the funding would support the company’s growth prospects.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
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The bond will provide cover against named storms in the US.
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The hire of the senior Horseshoe executive follows two earlier ones, as Bryce Wojciechowski and Alex Staab joined as analysts.
