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The Class A and Class B notes are paying lower multiples than initially guided. -
TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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Magnani has served for more than 14 years in ILS broking roles.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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The bond will provide coverage for named storm across five US states.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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Losses are concentrated in the states of Baden-Wuerttemberg and Bavaria.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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It estimated insured losses from nat cats on track to exceed $135bn in 2024.
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The carrier attributed the intensification of storms this season to climate change.
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Pricing on the Class A and Class B notes settled below guidance.
