Insurers
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The estimate has reduced slightly since the modeler’s last update in October. -
The company’s stock price has plummeted in the wake of the LA wildfires.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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More than 4,000 acres are burning as thousands evacuate.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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Athena Re provides coverage against terrorism in France and its overseas territories.
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The Florida carrier reported a 103.5% combined ratio in Q3.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
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The estimate includes private cover for residential, commercial and industrial property.
