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The executive joins the company as it looks to bolster its reinsurance capabilities. -
In total nearly $139mn worth of bonds have been extended.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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The fund will promote environmental and social characteristics under Article 8 of the SFDR.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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Allstate increased the target size of the bond to $300mn-$350mn, up from $200mn.
