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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far. -
The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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The headcount at the start-up now stands at around 40.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
