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SafePoint and Cajun had initially sought $150mn of coverage for named storm events in Florida and Louisiana -
The new issuance is offered with pricing guidance at 2.5x the expected loss.
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All 50 US states and the District of Columbia are covered by the bond.
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The bond will provide coverage for windstorms and severe thunderstorms on a per-occurrence basis in Belgium and the Netherlands.
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Steiger is said to be moving to an “entrepreneurial” role after more than six years with the Zurich-based firm.
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The Nature Coast Re offering is the first in a new series from SafePoint.
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Analysis by Lane Financial concluded that ILS returns will likely be double-digit-to-high-teens in 2024.
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The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
