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Bond spreads settled at the lower end of the revised guidance.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said. -
The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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Jeremy Lee had been at Aon and Benfield for over 22 years.
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Limited mid-year trading has continued but buyers have cut back.
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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The capital release was largely connected to 2019 side pockets.
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RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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Trading was brought forward this year and more cedants could head to bond market.
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The launch will bring collateralised reinsurance transforming in-house.
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The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
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The platform aims to improve the liquidity of collateralised reinsurance.
