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Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re. -
The new issuance is offered with pricing guidance at 2.5x the expected loss.
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The business will service clients in the agriculture, renewable energy and construction industries.
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All 50 US states and the District of Columbia are covered by the bond.
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Steiger is said to be moving to an “entrepreneurial” role after more than six years with the Zurich-based firm.
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The Nature Coast Re offering is the first in a new series from SafePoint.
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The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The first edition of the vehicle has generated fee income of $29mn to date.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
