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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said. -
Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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A higher loss quantum will put a greater burden on retro programmes.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
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New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
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Two ILS funds featured in the top five asset-raisers within the index.
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The fall marks this the first time in 20 years the index has been negative in January.
