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State interference is likely to be required if an attack is large enough to trigger bonds now on the market, experts say. -
The parametric bond provides coverage for named storms.
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Its Class 13 and 14 notes priced roughly at the midpoint of expectations.
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The awards event will be held on 27 June at The HAC, London.
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The consortium will offer up to $50mn of per-program capacity.
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The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The carrier’s Armor Re deal upsized by 33%.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
