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The UK state backed carrier offers property protection against acts of terrorism. -
The bond provides annual aggregate industry loss cover for named storm and earthquake.
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The bond offers annual aggregate index cover against named storms and earthquakes.
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Average multiple declined by 11% as issuance expanded by 13% last year
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The issuance will be the fifth time to market in FEMA’s cat bond series
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The new issuance is slightly less risky than 2020’s offering.
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Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
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He will replace Jonathan Malawer, who held the position for fourteen years and has left to join a new firm focussed on climate risk investments.
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The dynamics that have pushed cedants and investors into the space will continue.
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The Government aims to ensure that the UK’s ILS taxation regime remains competitive.
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The private ILS deal follows on from a lively year of issuance in 2021
