Stocks
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019. -
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The total has come in 19% below the $235mn vehicle listed in 2021.
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The private ILS deal follows on from a lively year of issuance in 2021
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The firm said that retro lines had shrunk more than expected after fundraising delays.
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The Asia Pacific risk-focused vehicle was a little smaller than the first launch but both are ongoing.
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The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
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The firm’s listed fund took a 2.5% gain for post-2017 class C shares.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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The move follows an ongoing battle between board members and staff over investment tactics, according to local reports.
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The listed mutual fund will be overseen by new recruit Niall MacGillivray.
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The reinsurer typically renews the deal in two parts each year.
