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The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn. -
The increased yield reflects the harder post-Ian market.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The sector’s performance was better overall compared with September 2017.
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The bond will provide the carrier with five years’ coverage for named storms across the US excluding Florida.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The committee will be chaired by Albourne Partners’ MD and Asia region head Debra Ng.
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The cover will be triggered by territory-weighted annual aggregate industry loss.
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The Residential Re transaction is being offered with significantly higher spreads than a year ago in a sign of repricing benchmarks after Hurricane Ian.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.
