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The bond has priced at the mid-point of guidance. -
The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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Former Teneo M&A head Alexander Schnieders will lead the unit.
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The shift in market dynamics reflects $1.8bn of maturities last week.
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The bond is split across Class A and Class B notes that have different levels of risk.
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Totara Re, placed last year, provides part of the reinsurance protection.
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The cat bond market was very active in April as spreads began to widen.
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The Icosa Cat Bond Strategy now stands at $130mn in AuM.
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Tanja Wrosch joins Twelve after more than a decade at Credit Suisse ILS.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
