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The ILS firm reported $6.8bn of assets under management at the third-quarter mark. -
The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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Commercial insurance pricing remained flat, increasing by 3% globally over the period, the same as the prior quarter.
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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Asagao VI is fourth largest private cat bond deal this year.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
