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Central pressure of 900mb or below would trigger a full loss of the $150mn deal. -
Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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Competition on price from traditional markets is weighing on bond market momentum.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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The cedant’s current deal is due to mature at the end of January 2026.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The funds will combine credit and ILS holdings.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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