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The flat growth is a result of multiple forces influencing capital flows in both directions. -
The new Marlon bond offers multiples of 7.4x and 8.9x on the Class A and Class B notes respectively.
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Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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California is the initial covered area but, following a reset, all US states will be covered.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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The pricing fell 13.7% on the Class A notes and 6.5% on the Class B notes.
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Diversification in perils and regions can help the market grow.
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The parametric bond provides coverage for named storms.
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Its Class 13 and 14 notes priced roughly at the midpoint of expectations.
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The World Bank’s Michael Bennett was speaking at the Insurance Insider ILS conference.
