ILS
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Investment in the space comes mainly from the cat bond market, Gallagher Re said. -
The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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The broker estimated ILS capital has reached $107bn.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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The company no longer has any exposure to reinsurance contracts.
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Everest is in the process of transforming its ILS offering.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The Swiss-based team of Siglo has transferred to Cambridge Associates.
