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Full year 2023 set the record to beat of $15.8bn in new issuance volume. -
The firm said it benefited from favourable retro market conditions.
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The bond will provide multi-peril coverage in the US and District of Columbia.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The single Class A note is paying a multiple of 2.1x.
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The Class A and Class B notes are paying lower multiples than initially guided.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Beazley returned with its second Fuchsia cat bond issuance.
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The bond will provide coverage for named storm across five US states.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
