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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last. -
The pricing on the deal has settled below initial guidance at 7.5%.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The bond provides protection for North American named storms and earthquakes.
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The amount offered in Class A and B notes has also expanded slightly.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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The first edition of the vehicle has generated fee income of $29mn to date.
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Pricing guidance is currently at 6.75%-7.50% for the Class A notes.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
