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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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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The bond will provide coverage for named storms in North Carolina.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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Theokli joined the company in 2021 as a senior underwriter.
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The reinsurer added two new tranches to its 2025 issuance.
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Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
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The index delivered a total return of 1.29% for the month of December.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
