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Beazley returned with its second Fuchsia cat bond issuance. -
The bond will provide coverage for named storm across five US states.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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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.
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The bond will provide named storm and quake coverage.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
