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The new team will focus on risk transfer products to help accelerate and de-risk the move towards a low carbon economy.
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Collateral will be used to finance sustainable development projects and programs in the IBRD’s member countries.
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The insurance investment expert joins Jefferies with a brief to develop activity in EMEA’s primary and secondary insurance credit markets.
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The more cat bond focussed vehicle added just under $300mn in the half-year.
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The firm’s ILS director Chin Liu said the half-year period was fairly quiet for catastrophe events. -
The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.
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In the last round of marketing, the firm said it would lift the principal to $125mn-$150mn after initially seeking just $100mn.
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ILS managers said that large volumes of new issuances could carry on through the rest of the year.
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The deal is more than three times bigger than prior Asagao private cat bond deals.
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The carrier initially said it would seek just $100mn for the global multi-peril deal.
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Willis Re international chairman James Vickers said that the ILS market played a strong role in the Florida renewals, but it was becoming more difficult to judge the overall impact of the sector as more capacity stays behind rated balance sheets.
