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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November. -
The pricing on the deal has settled below initial guidance at 7.5%.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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HCI is offering one million common stock shares priced at $78 per share.
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The MAPA will allow APCL clients to participate in a portfolio of syndicates without the need to own the underlying capacity.
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The bond provides protection for North American named storms and earthquakes.
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Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
