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The Akibare Re series 2020-1 class A notes priced at the top of the guidance range at 275 basis points.
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Severe pandemic stress could drive up industry medical benefit ratios to levels that may trigger junior layers of the health cat bonds.
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Allstate sets the spread for riskier second layer at 1,275 bps in the upper range of the initial guidance.
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
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The company’s previous two Atlas deals were completed using the UK’s new ILS regime.
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Multi-strategy funds seek to liquidate $200mn of cat bonds -
Despite this rare withdrawal of a cat bond, another Florida-centric deal is moving closer to completion.
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The policy would have likely paid out due to the coronavirus crisis.
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Pricing has moved to the top of the guidance range, sources said.
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John Seo noted the diversification benefits ILS offers in tumultuous times as cat bond segment avoids spillover from market turmoil.
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Premiums on the cover have moved to the mid to high end of expectations.
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Pricing has moved to the top of the initial range offered.
