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The spread on the deal settled 16 percent higher than initial forecasts.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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The midpoint of the updated spread range promises a multiple of 5.8x the expected loss.
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The insurer's Q1 cat losses dropped by more than two thirds.
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The new multi-peril deal would effectively replace a soon-to-expire 2017 bond.
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Top price guidance would offer a substantially stronger multiple than the carrier's expiring bond, with non-coastal business included for the first time.
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The bond has less limit than the firm’s other issuances but offers 125 bps more return.
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Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.
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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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The cover was raised fairly evenly between the two remaining tranches.
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Disasters include bushfires and hailstorms, and some 242,000 claims have been lodged.
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Alternative capital could provide higher levels of support in the coming months, CUO Edi Schmid said.
