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The spread guidance on both notes has moved lower. -
The bond will insure against named storms in eight US states.
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The vast majority of 2023 recoveries were from events in prior years.
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The state pool is seeking indemnity, annual aggregate cover.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The cover will include the 50 US states, District of Columbia and Canada.
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The issuer is seeking aggregate and per occurrence coverage.
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The guide pricing offers similar multiples to last year’s issuance.
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The client lacked options in the conventional insurance market.
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The bond is currently trading at around 65c in the dollar on the secondary market.
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The transformer vehicle issued $209mn worth of cat bond lites in 2023.
