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Torrential rain caused flash floods in the Gulf States in the middle of April. -
The firm’s P&C and life and health retro buying is being centralised.
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The bond has priced at the mid-point of guidance.
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The firm is the sole provider to offer index services in the US.
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The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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He will continue to play a role as a fund director and firm ambassador.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
