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Two of the largest wholesale insurance brokers in the US are combining as market leader Amwins has agreed to acquire Partners Specialty Group, the companies said today.
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USAA is set to close its latest Residential Re cat bond at $425mn, at the higher end of the revised $365mn-$450mn target size for the transaction, according to sources.
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The Integrity Re cat bond for Florida insurer American Integrity Insurance Company is expected to upsize slightly from an initial target of $178mn to $210mn, according to sources
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The first quarter of 2017 produced a record volume of ILS issuance for an opening quarter, as competitive pricing drew sponsors to the market
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Florida Citizens Property Insurance is aiming to raise $1.34bn of reinsurance cover for the 2017/18 year, down from $2.46bn last year, as it renegotiates cover to fit its smaller portfolio, sister publication The Insurance Insider reported
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USAA have increased the amount they are seeking to raise from their latest Residential Re cat bond to $365mn-$450mn, from an initial target of $300mn, according to sources.
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PartnerRe completed its $286mn purchase of North American life reinsurer Aurigen on Friday.
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Cincinnati Financial has forecast it will take pre-tax catastrophe claims of $106mn in its Q1 results, eroding a significant portion of the deductible on its Skyline Re private cat bond.
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Simon Kirby, UK City Minister, believes that London could provide a 'gold standard' for ILS transactions
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Reinsurers attempted to "hold the line" on pricing in the 1 April renewals, but carrier demand for business meant rate reductions continued to be on offer for buyers
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A decade ago, cat bonds were almost universally rated - usually by Standard & Poor's and sometimes by Fitch Ratings
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One often-cited statistic in debates about the convergence market is that just a 1 percent allocation from global institutional investors could send billions more capital than the size of the current overall reinsurance market surging into the sector
