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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%. -
Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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A strong forward pipeline will require fast work by ILS investment houses.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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The deal freed up capital held against deals written in 2019 and 2020.
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The new commingled fund will target investors with $5mn or higher potential investments.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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Investors may be able to recoup between $15mn-$18mn of principal.
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In an amended complaint, the ILS manager claims A-Cap has exerted control beyond its equity interests.
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Francine is expected to make landfall in Louisiana tomorrow.
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