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The reinsurer is planning to drop its cession rate from 40% to 30%-35%. -
The company’s reinsurance premiums ceded fell by 58% to $149mn.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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The four-year deal is split across three tranches of notes.
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The latest issuance offers a spread range of 650-700bps.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
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The firm has helped underwriting businesses secure $3.5bn in capital.
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The partnership is aiming to bring training and development to the DIFC Authority.
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Artex said the solution should allow for the expansion of services in the Middle East and Africa.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The loss tally is considerably lower than estimates issued by model vendors.
