Sompo International
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling. -
The insurer will pay a 13.5% coupon for the US coverage.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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The new bond is Sompo’s first to feature US risk and uses a dual annual aggregate and per occurrence trigger.
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The second Sakura Re will use a dual per occurrence and annual aggregate trigger.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.
