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Most of the ILS investments were made via the cat bond heavy High Yield Fund. -
Palm Re will provide Florida named storm cat bond coverage for Florida Peninsula, Edison and Ovation Home Insurance Exchange.
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The ETF will invest solely in natural catastrophe-exposed bonds.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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Industry sources estimate the market to be around $3bn.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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The bond will provide fire protection for MGA Bamboo’s California business.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
