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The former Swiss Re ILS specialist has joined the carrier after its debut sidecar launch.
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Pricing on the transaction’s two layers had mixed outcomes.
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Pricing on the deal settled at the low end of the insurer’s expectations, having fallen 30% year-on-year from the 2020 hard market. -
The monthly tally came in 14% lower than the $632mn reported a year ago.
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The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
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The association rejects a proposal to buy more reinsurance, citing fears about members’ costs.
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The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
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The insurer has been able to lower its projected premium by 3%.
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There are few areas of overlap in the Willis Re-Gallagher Re combination but some details to be ironed out on the new executive team.
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The company also procured approximately $180mn of incremental limit for earthquakes.
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The result was an increase on a 15-year average March rise of 0.04%, but failed to return the index to a year-to-date gain.
