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The specialty P&C carrier is offering high single-digit rates for the cover. -
Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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American Integrity was looking to replace $79mn of maturing cover.
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In certain areas more collaboration is needed but in others the market will continue to get more diverse as investors respond to post-Irma challenges in differing ways.
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Reduced capacity and inflation have driven up prices over April.
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The bond in four tranches will offer USAA multi-peril aggregate cover.
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It will provide cover against cyclones, earthquakes, thunderstorms and winter storms.
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Pricing has settled at 14.5%, above the initial 12.25%-13% target.
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The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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The Class 10 zero-coupon structure notes have been withdrawn.
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Sure is seeking $150mn of named storm cover with the issuance.
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
