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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Over-subscriptions have been evident on well-priced US cat treaties.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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The firm said it benefited from favourable retro market conditions.
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The firm has added three new retro partners during 2024.
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Former ILS investors who left the space have looked again and re-allocated.
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Management track record has been a factor in capital raising for 2025.
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Fidelis is seeking more cat bond cover than it did almost a year ago.