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Losses from the larger fire will amount to $20bn-$25bn, the modeller said. -
Severe convective storms accounted for 41% of last year’s insured loss load.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The carrier has received more than 3,600 claims from LA wildfires.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The fund returned 15.69% in calendar year 2024.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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ILS managers expect the losses to have some impact on future cat bond spreads.
