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The notes were further marked down after a year-end Ian loss update. -
The state pool is seeking indemnity, annual aggregate cover.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The cover will include the 50 US states, District of Columbia and Canada.
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The rise was helped by performance fees at DaVinci.
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Twia’s actuarial and underwriting committee made the recommendation last week.
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The expected spend is around 33% higher than Twia had budgeted.
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Sponsors still secured terms that were favourable relative to traditional cover.
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Pricing for both falls at the lower end of the recently updated estimates.
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Pricing settled toward the lower end of guidance.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
