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The new coverage provides Travelers with enhanced protection for its property business at what CFO Daniel Frey said was “an appropriate price”. -
The cat bond is the first since 2013 for the state wind pool.
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Both the class A and B notes priced at the bottom of the range initially sought but above the levels reached last year.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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It could take years to determine whether or not PG&E is responsible for the 2018 wildfires.
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Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.
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ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.
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Cat bond investors have varying rights to share in subrogation benefits, as it has emerged following the Californian wildfires of 2017-2018.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
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The Alpha Terra Validus III notes were issued on 16 January for a one-year term, according to the Bermuda Stock Exchange.
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Spreads on the health insurance cat bond have dropped, but still above the record low level on the 2018 deal, according to sources.
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Ledger structured the flexible deal between an MGA and AIG's ILS business.
