Stocks
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The deal took cat bond lite volumes to $139mn in 2020.
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Current spreads should persist in the short-to-mid term but are not a new normal, the Fermat Capital leader argued. -
The total premium outlay for the programme rose by 10% to $272mn.
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Investors collectively tried to redeem more than a third of the $3bn fund.
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The bond will provide second-event US wind and quake cover.
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The capital release was largely connected to 2019 side pockets.
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The capital raise boosted Fidelis’ share base by 45 percent of pre-transaction equity.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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The carrier joins Beazley, Hiscox and RenRe in tapping up markets to invest in growth.
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The InsurTech filed for an IPO yesterday.
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The bond’s spread has settled at the top of the (re)insurer's target range.
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RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
