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The ceding insurer is targeting EUR100mn of Class A reinsurance coverage for windstorm and hail and EUR50mn of Class B cover for windstorm. -
ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.
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The cat bond will provide coverage for North American named storm events and earthquakes as well as European windstorms.
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The fund’s allocation to ILS decreased for the first time in three years.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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TWIA has raised its net operating expenses to $40.2mn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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Pricing guidance is currently at 6.75%-7.50% for the Class A notes.
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Asagao VI is fourth largest private cat bond deal this year.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
