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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals. -
In other property, Helene and Milton will assure rates remain attractive, he added.
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The latest issuance signals the second time the sponsor has entered the cat bond market.
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The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Michael Rich left the portfolio management role in May.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The bond provides protection in France and its overseas territories.
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September was the strongest performing month since the index began in 2006.
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Some $409mn of volume entered the market in the week to 4 November.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
