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The company’s reinsurance premiums ceded fell by 58% to $149mn. -
Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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The four-year deal is split across three tranches of notes.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
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The firm has helped underwriting businesses secure $3.5bn in capital.
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The loss tally is considerably lower than estimates issued by model vendors.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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The pension scheme has been winding down its ILS portfolio in recent years.
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The deal would represent a diversifying auto risk deal.
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Pricing is expected to “stay neutral of soften” for January renewals.
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The firm still expects to deliver positive net income for Q3 2024.
