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Sources said the deal was roughly three times over-subscribed as cat becomes hot. -
Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The partnership will add more capacity on the platform from April.
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The bond is Allied Trust’s debut issuance.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier has priced the Class A tranche at 525 bps.
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Severe convective storms were the biggest driver of last year’s losses.
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The carrier has priced the Class A tranche at 500 bps.
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Pricing on the Class A notes is at the lower edge of guidance.
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The pricing guidance is now 550-575 basis points.
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Revenue, country and industry sector drive modelled output divergence.
