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Pricing settled at 500 basis points, the higher end of guidance. -
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The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.
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This is the InsurTech’s first sally into the cat bond market.
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The deal will add to $480mn in prior Bonanza Re cover for American Strategic Insurance.
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The first month of the year was quiet for natural catastrophe events.
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The cat bond is on behalf of Lloyd’s Syndicate 1301 and is Inigo’s first entry to the market.
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Pool Re offers protection against terrorism in England.
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There were 220 trades in the secondary market in Q4, as aggregate and Florida bonds were less liquid.
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The bond will replace the 2020 Class B bond which matured in January.
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This is Allstate’s first entry to the cat bond market in 2022.
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European windstorm cat bonds mainly cover the less-affected countries of the Netherlands and France.
