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The firm said the move would let it build a multi-vehicle capital management platform. -
The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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The rise comes as competition has increased for ILS between jurisdictions.
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The carrier is designing an investable portfolio of long-tail risk.
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All parties interested in the case have agreed to participate in the process.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
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Mortgage ILS issuance has totalled $787.2mn so far this year.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.
