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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023. -
The first edition of the vehicle has generated fee income of $29mn to date.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The insurer said cat models had failed to gauge potential levels of damage accurately.
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The global carrier has expanded its target limit to $250mn-$275mn.
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The $75mn cat bond is expected to close in late November.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
