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Previous European cat bonds issued out of Ireland were done on a one-off basis.
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The growth follows the reinsurer expanding its relationship with PGGM. -
This is the largest insurance fund the fixed income specialist has raised.
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A number of major carriers have bought new catastrophe covers, but the overall gain is likely to be muted, brokers forecast.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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The fund expanded its distribution efforts in the two main Australasian countries last year.
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Catastrophe losses will account for 65 percent of quarterly losses, the company estimates.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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The start-up carrier had initially sought $150mn of North American storm and earthquake cover from its first-ever cat bond.
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RenaissanceRe CEO Kevin O'Donnell will take on responsibility for the firm's Ventures business on an interim basis.
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The start-up carrier reduced its price guidance for both tranches of the deal.
