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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles. -
The rise comes as competition has increased for ILS between jurisdictions.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The carrier is seeking named storm coverage in the state of Texas.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The carrier is designing an investable portfolio of long-tail risk.
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The increase in limit reflects the carrier’s growing exposure.
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The state-backed fund had been advised to increase its allocation of ILS to 1%.
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The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
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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 bond will provide protection from named storms in Florida for three years.
