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The bank’s ILS team said they would favour remote, occurrence named peril structures to minimise increased climate exposure. -
The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
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The target firm deals in engineering, energy, P&C and specie.
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Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
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Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
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This is the first cat bond deal from the corporate sponsor, a logistics specialist.
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Spreads on the deal’s two reinsurance layers will be at the upper and lower end of coupons Allstate has offered on the cat bond market.
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Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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