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The carrier has already secured 85% of all-states, first-event cover for the June renewal. -
Commutation negotiations continue on the book of underlying contracts written by the retro fund.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
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The issuance is Vantage Risk’s second in the cat bond market.
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The first-of-its-kind deal blends bank financing with ILS funding.
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The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
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The issuance marks the carrier’s return to the cat bond market after a five-year gap
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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The new platform has BMA authorisation to hold crypto currency as collateral.
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The transaction includes a notably high-risk target layer amongst five tranches.
