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The sponsor’s debut cat bond upsized by 25%. -
The bond is the second transaction from the sponsor to target per occurrence coverage.
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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The Magnitude-7.4 earthquake occurred early on 3 April.
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Market conditions have begun to soften.
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The bond will cover named storms in the state of Florida.
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The group has also scaled back holdings with AlphaCat’s Soteria Fund.
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The mega bond has upsized to more than twice its initial target.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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The coverage will be parametric based on the central pressure of the storm.
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Modelling has taken a conservative approach over the last quarter of a century.
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The final pricing is as the top end of the recently updated estimate.
