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The firm has narrowed its price guidance range, suggesting a higher multiple. -
The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
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Bond spreads settled at the lower end of the revised guidance.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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The deal could settle towards the lower end of guidance price, one source said.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
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She has over 20 years of (re)insurance experience and will start her new role at Willis Re in mid-July.
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The deal took cat bond lite volumes to $139mn in 2020.
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The deal will provide EUR100mn of reinsurance cover for the Dutch firm.
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The US wind deal by the Nephila fronting partner comes amid a flurry of activity in the cat bond market in recent weeks.
