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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question. -
The firm has moved to defend its plans against a rival strategy supported by a small group of investors.
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The loss tally comes in 39% above the average for the 21st century.
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The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The decision applies only to policies issued through the company’s exclusive agency distribution channel.
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Charles Cooper will be responsible for the development of a significant growth driver for the business.
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Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
