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The start-up has secured BMA approval as it looks to a 1 January kick-off. -
Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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The bond will provide aggregate coverage against named US storm.
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The bond is split into three tranches of notes.
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The loss figure has increased 200% from the initial number provided in October.
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This is the second time Fidelis has entered the cat bond market this year.
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The latest clutch of offerings indicates pricing discipline in the bond market.
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Other capacity supporting the syndicate is mostly individual Names, sources have said.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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Athena Re provides coverage against terrorism in France and its overseas territories.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
