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The multi-peril coverage was due to expire in June 2026. -
The platform distributed ~$50mn to investors for 2023.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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The partnership will add more capacity on the platform from April.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The cedant’s Namaka Re bond is offering a spread range of 225-250bps.
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Stefan Sperlich will lead the new unit as managing director.
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The new facility is backed by Lloyd’s syndicates and London-based international insurers.
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Severe convective storms were the biggest driver of last year’s losses.
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He will oversee the syndicate’s catastrophe modelling capabilities.
