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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests. -
The City Council looks to add to its traditional protection.
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Rates are said to be easing following the mid-year Floridian renewals.
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The bond priced below the lowest end of the initial guidance.
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Investors sought to redeem about $200mn in 2019 from the shrinking Securis I fund, but the London manager has grown its lower-risk non-life fund.
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The bond has placed at the lower end of pricing guidance.
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The deal was expected to be a 30 percent loss following a magnitude 8.0 earthquake in northern Peru in May.
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The deal is the North Carolina coastal insurer’s second ILS transaction for 2019.
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The Californian utility company reached the agreement with 18 public entities after a series of wildfires between 2015 and 2018.
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The insurer said half of the losses came from one weather event in the Midwest.
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Winners were recognised at the 11th Trading Risk Awards ceremony, held in London last night.
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The bond offers protection against certain losses from US named storms and US earthquakes.
