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The carrier is looking to raise $50mn in zero-coupon Class 2 notes, $100mn of Class 3 notes and $150mn of Class 5 notes. -
The scope of perils covered by new issuance will expand to include flooding and drought.
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The deal includes varying attachment levels for Florida and Louisiana.
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The coverage is triggered on an ultimate net loss per-occurrence basis in France.
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The pricing settled at 925 basis points, which is towards the lower end of the initial guidance of 900-975 basis points.
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Lidia has now largely dissipated after making landfall in Mexico.
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Hannover Re’s Bermuda-based reinsurance transformer Kaith Re has issued a new $15mn private cat bond, a Bermuda Stock Exchange filing confirms.
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Private ILS outperformed cat bonds in August, as hurricane season earnings began to kick up a gear.
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Competition at the upper layers of reinsurance towers could lead to the creation of ‘riskier’ cat bonds, said Swiss Re Capital Markets.
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Ambassador was set up in 2021 with Embassy Asset Management the named investment adviser.
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Earlier this year, the CEA raised $200mn in limit for an Ursa Re cat bond.
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Cat bond investors are sufficiently capitalised to fulfil demand from an anticipated strong pipeline of new issuance in Q4.
