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The carrier initially said it would seek just $100mn for the global multi-peril deal. -
The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.
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Just a few months into 2021, the first natural-disaster headlines of the year are already occupying the minds of ILS insurance risk-takers. The snowstorms that brought freezing conditions to Texas will be a challenging event to evaluate for a number of reasons.
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The insurer has also raised a EUR500mn sustainability debt deal this month.
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The deal will exclude Covid-19 from its current year coverage.
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The reinsurer upsized the transaction to $250mn, from a $150mn initial target.
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The catastrophe bond’s price guidance was also tightened from the initial offer.
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The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
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The Italian cedant’s green cat bond has priced at the low end of revised forecasts.
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Cat bonds are an efficient and well-targeted answer for insuring charitable spending, according to Adam Bornstein, leader of the team at the Danish Red Cross, which oversaw the issuance of its debut cat bond covering volcanic eruptions.
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The asset manager has previously invested in ILS via external specialists.
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It will be the insurer’s first foray into the cat bond market.
