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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated. -
The issuance comes as Axis is set to exit the property reinsurance market.
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AP3 noted a ‘very interesting market with widening spreads’ as it made an ILS profit in 2021.
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The east coast of the country was struck by severe rainstorms earlier in the year.
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The pooled parametric insurance arrangement was trigged by localised drought.
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Responsible investing in ILS requires “look-through data transparency”, the association says.
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Based in Bermuda, Jesse DeCouto will report directly to Validus Re CEO Chris Schaper.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
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The increases follow full recoveries on previous bonds after Ida losses.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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