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A strong forward pipeline will require fast work by ILS investment houses. -
Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The deal freed up capital held against deals written in 2019 and 2020.
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The sponsor has kept $25mn of principal in extension for any further loss development.
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The storm is expected to weaken to a post-tropical cyclone later tonight.
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The new commingled fund will target investors with $5mn or higher potential investments.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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Kin’s reinsurance structuring means the bond’s losses will be kept to a minimum.
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Investors may be able to recoup between $15mn-$18mn of principal.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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In an amended complaint, the ILS manager claims A-Cap has exerted control beyond its equity interests.
