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Total yield is down from 11.18% in the last week of October 2024. -
Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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Total gains for the year reached 7.71%.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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Competition on price from traditional markets is weighing on bond market momentum.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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The cedant’s current deal is due to mature at the end of January 2026.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The funds will combine credit and ILS holdings.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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The sponsor extended two notes issued in 2022.
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The investment bank had stopped offering ILS services last September.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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Market participants have until 13 October to provide any comments.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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The CUO has added the role of head of private ILS, joining the executive team.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Cat bond broking growth contributed to 6% organic growth in reinsurance.
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The consultation period around UK ISPVs was opened in November last year.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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This followed a $650mn fall in April, after management change of the fund.
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A total $225mn of fresh limit entered the market across two deals.
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The bond will provide protection for storms, quakes and fires in seven US states.
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The bond protects against losses in the US, Canada, Europe and Australia.
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The company also has $100mn for US hurricane events.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The carrier previously raised a Finca Re cat bond in 2022.
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The company is a wholly owned subsidiary of AmTrust Financial.
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The carrier previously redeemed from a Herbie Re cat bond for California wildfire claims.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The bond will cover named storms in five US states.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The bond will provide multi-peril coverage on an industry loss basis.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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The bond will provide storm protection in Florida and South Carolina.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The bond will offer retrocession coverage for Hannover Re.
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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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All 29 funds tracked by the index returned a positive performance.
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The bond will provide protection against named storm and thunderstorm.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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Investor interest and capital flows point to potential for ILS proliferation.
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The bond initially sought $425mn across three tranches.
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The bond will cover China, India and Japan quake and Japan typhoon.
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The bond will provide protection against German and Japan quake.
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Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The deal of the size was unchanged at $100mn.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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The bond will provide coverage against named storm or severe thunderstorm over three years.
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Torrey Pines Re is split among three tranches of notes.
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The issuance is split across three tranches with varying degrees of risk.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
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The insurance discount margin is now at a similar level to where it was in the final week of March 2022.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Palm Re will provide Florida named storm cat bond coverage for Florida Peninsula, Edison and Ovation Home Insurance Exchange.
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Multiples in March were below historic averages from 2001 through 2024.
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The ETF will invest solely in natural catastrophe-exposed bonds.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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The notes replace a 2021 issuance that matured in January this year.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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This will be the third cat bond issuance through Baltic Re PCC.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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This year’s coverage will involve $2.94bn of new risk transfer.
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This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Some $625mn of new issuance entered the market in the first week of March.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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As of 14 February, the company received 405 claims.
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The fund is open to European and other global investors.
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The bond will provide fire protection for MGA Bamboo’s California business.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The coverage will be on an indemnity, per-occurrence basis.
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The bond will cover named storms in the state of Florida.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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The Class A section of the bond has doubled in size, at lower pricing.
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The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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The NCIUA had initially sought $350mn of limit.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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Several Florida start-ups are poised to begin writing business this year.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
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Two ILS funds featured in the top five asset-raisers within the index.
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The fall marks this the first time in 20 years the index has been negative in January.
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The firm will match segregated accounts of portfolios to investor mandates.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The bond will provide coverage for named storms in North Carolina.
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American Integrity is seeking expanded limit on more favourable terms.
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But cat bonds are experiencing negative secondary market price movement.
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Tower Hill secured $400mn of Winston Re limit in 2024.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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The deal priced below guidance for the Class A and Class B tranches.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The Integrity Re bond is structured into five tranches.
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The deal has upsized by around 64% compared with the initial target.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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The reinsurer added two new tranches to its 2025 issuance.
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Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
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The index delivered a total return of 1.29% for the month of December.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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Company touts growing investor demand for Asian cat risks.
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Both the Class A and Class B notes increased in size.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Secondary market pricing indicated anticipated California wildfire losses.
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The reinsurer has issued updated pricing for the instrument.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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Price guidance for the bond is 7.00%-7.75%.
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The vehicle has $2.55bn in capital committed by institutional investors.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The fund returned 15.69% in calendar year 2024.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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The broker anticipates strengthening investor demand for collateralised re.
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Over-subscriptions have been evident on well-priced US cat treaties.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Some $1.2bn of limit was placed in the cat bond market this week.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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The carrier has raised $75mn of higher-risk Class C coverage.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The bodies said that tapping into the cat bond markets was a possibility.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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MMIFS Re is the debut cat bond offering from the Canadian carrier.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The bond will provide multi-peril coverage in the US and District of Columbia.
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The former co-head of ILS at Schroders left the bank last month.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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The single Class A note is paying a multiple of 2.1x.
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The Class A and Class B notes are paying lower multiples than initially guided.
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Beazley returned with its second Fuchsia cat bond issuance.
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The bond will provide coverage for named storm across five US states.
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Former ILS investors who left the space have looked again and re-allocated.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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Pricing on the Class A and Class B notes settled below guidance.
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The bond will provide named storm and quake coverage.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The $100mn note was unchanged in size.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The fund will invest in listed and private transactions.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The bond will provide aggregate coverage against named US storm.
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The bond is split into three tranches of notes.
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This is the second time Fidelis has entered the cat bond market this year.
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The latest clutch of offerings indicates pricing discipline in the bond market.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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Athena Re provides coverage against terrorism in France and its overseas territories.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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The bond is targeting $225mn of limit across the Class A and Class B notes.
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Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
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The consultation period closes on 14 February 2025.
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The notes provide coverage in the US and District of Columbia but exclude Florida.
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The latest issuance is the second cat bond RenaissanceRe has issued this year.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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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.
