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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm. -
The notes replace a 2021 issuance that matured in January this year.
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The insurer has lined up Piper Sandler and KBW to run the process.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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Industry sources estimate the market to be around $3bn.
