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Awaiting FLOIR approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday. -
Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Alexander will join after his competitive restrictions are up.
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The ILS sector grew in the context of 0% interest rates historically.
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Pricing on the bond has settled at the lower end of initial guidance.
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Hiscox said outflows from the ILS unit were offset by "record returns" in Q3.
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De Klerk spent a decade at Artex Risk Solutions, where he created special purpose insurers and closed cat bonds.
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The Smart Tracker Syndicate 5623 was established with the aim of delivering a ‘smart beta’ portfolio to investors.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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The bond will provide coverage for weather events in all 50 US states and the District of Columbia.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
