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Collaboration to set standards and adapt ESG goals for the ILS market is crucial, ILS Week speakers agreed. -
The cedant was able to cut pricing on its occurrence layer by 25% from initial forecasts.
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Projected spreads on the deal range from 300bps at the bottom end of the lowest risk notes to 1000bps at the top of the highest-risk layer.
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The insurer reported no new above-budget weather losses in the quarter.
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The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
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The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
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Investors are seeking to take higher-attaching risks with pure peak peril deals in stronger demand.
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It will more than replace a $250mn deal from 2018 which will mature this year.
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The spread on the aggregate ILW bond for the first-time sponsor has dropped by 7%.
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The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
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Sponsors want to know what the benefit will be to them, the broker said.
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Cat bond market exuberance seems to be mismatched against overall ILS sentiment.
