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The estimate includes private cover for residential, commercial and industrial property. -
The manager’s ILS allocation now spans six of its seven investment funds.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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This is a far narrower drop than post Ian, when the index was lost 10%.
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A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
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Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.
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Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.
