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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán. -
Guy Carpenter said overall reinsurance capacity ranged from "adequate to ample" in the 1.1 renewal, with its estimate of ILS growth coming in ahead of mid-year projections.
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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.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The $50mn bond provides coverage against systemic cyber events in the US and District of Columbia.
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George Mawdsley joins after more than 10 years at Securis, where he was tasked with structuring and origination of ILS risk.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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The carrier has also extended the redemption period by three years, to 31 March 2029.
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More policies were removed through depopulation in Citizens this year than the previous seven years combined.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The pricing on the deal has settled below initial guidance at 7.5%.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
