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The settlement was midway between the $20bn insurers sought and an earlier $8.5bn offer. -
Managing director Philipp Graf said the new arrangement with Allen Partners would bring the full suite of Twelve’s products to institutional investors in Australia and New Zealand.
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Two Resilience Re bonds and one from Argo have had their maturity dates shifted again.
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The potential for insured catastrophe losses has increased at an “exponential” rate since the 1970s, the broker said in a report.
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The ILS fund manager has expanded its reach by teaming up with the Sydney-based capital advisory and fund placement firm.
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The deal brings 2019 cat bond lite issuance to $636.5mn, according to Trading Risk data.
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Some 15 percent of cat bonds on risk will mature in Q2 next year.
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Investors are taking a broader look when evaluating transactions with more emphasis on qualitative attributes of sponsors, according to the firm.
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Nationwide, USAA and Allstate are other national carriers with significant property catastrophe market shares in the states.
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The partnership will layer Xceedance’s data and analytics services on to the community of cat modellers.
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A drop in ILS capacity simply reflects the market going through something akin to a traditional underwriting cycle, Invesco ILS portfolio manager Caleb Wong said.
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Fronting rival TMR joined the RenaissanceRe stable in March after the Bermuda carrier’s $1.5bn takeover of the Tokio Marine business.
