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Paul Poschmann joins from Gallagher Re, where he was a divisional director. -
More than 4,000 acres are burning as thousands evacuate.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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The new agreement provides $40mn of aggregate limit excess of zero.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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The vehicle is yet to recover to 2021 levels of $235mn.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
