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Sierra is Bayview Asset Management’s first ILS deal.
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The $225mn deal was the first cat bond to be listed on the Singapore Exchange.
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The market is pricing Unipol's EUR45mn ($49.50mn) Atmos Re I cat bond for a full loss. -
The reinsurer said use of third-party capital will limit its net retentions while permitting overall growth.
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The cover will be provided by a consortium of 56 insurers, according to reports.
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Hagibis losses have become the most costly event this year for the retro fund
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Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
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Aon Securities CEO Paul Schultz said the platform fitted in between collateralised reinsurance and syndicated cat bonds.
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The Ursa Re 2019 issuance priced at the upper end of the California Earthquake Authority's expectations.
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Deal pricing mirrors that of Covea’s traditional reinsurance contracts, according to the broker.
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The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
