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Only around EUR70mn-EUR140mn will fall to private insurers. -
The bond provides protection in France and its overseas territories.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The latest issuance offers a spread range of 650-700bps.
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Redington provides services to UK pension funds, wealth managers and institutional investors.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
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The ILS allocation increased in dollar terms and held steady in euros.
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The $100mn earthquake issuance failed to attract investor interest.
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The former AlphaCat and Aspen executives have teamed up to bring an ESG focus to a new independent ILS platform.
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She will remain based in Bermuda as head of risk capital strategy.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
