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Sanders Re III will provide coverage for the District of Columbia and all US states apart from Florida. -
The carrier has also extended the redemption period by three years, to 31 March 2029.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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More policies were removed through depopulation in Citizens this year than the previous seven years combined.
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The firm’s group reinsurance officer Thorsten Fromhold said the insurer will consider using more cat bond coverage “if the market stays where it is”.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
