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One layer of the Citrus Re cat bonds issued by Heritage was marked down to 50c in a small secondary market trade that occurred yesterday, according to Trace records.
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Nephila Capital provided more than one quarter of the $1bn reinsurance limit bought this year by Florida Citizens Property Insurance - which will be exposed to claims by Hurricane Irma's path towards the state
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Nephila, Everest Re and RenaissanceRe were among the leading reinsurers of some of the top Florida insurers last year, according to data collated by Trading Risk
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Reinsurers will pick up the brunt of any Florida hit from Hurricane Irma, a powerful category 5 hurricane currently approaching Caribbean islands, including the Virgin Islands and Puerto Rico.
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Reinsurers will pick up the brunt of any Florida hit from Hurricane Irma, a powerful category 5 hurricane currently approaching Caribbean islands, including the Virgin Islands and Puerto Rico.
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Reinsurers' margins are likely to be wafer-thin on normalised cat activity after years of softening rates, ratings agencies have warned ahead of the industry's annual Monte Carlo conference.
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This is certainly not going to be a year where the reinsurance industry is twiddling its thumbs at the annual Monte Carlo Rendez-Vous.
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Cat bond broker-dealers said the market had plenty of impetus left after a record-breaking first half of 2017.
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The $430mn Spectrum Re cat bond issued in June this year by fronting carrier Tokio Millennium Re was ultimately for the benefit of Credit Suisse's ILS entities, sources told Trading Risk.
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Hurricane Harvey had much less of an impact on the cat bond market than last year's Matthew, but its quick intensification also left less time for livecat traders to manoeuvre ahead of the event.
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There was some livecat industry loss warranty (ILW) trading in the run-up to Hurricane Harvey, with activity focused on trades at the $10bn loss level.
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If insured losses from Hurricane Harvey remain in the single-digit range, primary insurers are likely to retain the majority of claims, Standard & Poor's said in a report on the disaster.
