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The bond will replace the 2020 Class B bond which matured in January. -
This is Allstate’s first entry to the cat bond market in 2022.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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The regional ratings provider painted Florida marketplace as “under attack” after Avatar and St John’s had ratings withdrawn last week.
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European windstorm cat bonds mainly cover the less-affected countries of the Netherlands and France.
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The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
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The UK state backed carrier offers property protection against acts of terrorism.
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The multiple is slightly higher compared to last year’s Floodsmart offering
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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The rating agency’s model update will increase focus on one-in-500-year PMLs
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Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
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This is the fifth issuance from FEMA and carries a slightly higher multiple than the 2021 deal.
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