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The deal includes varying attachment levels for Florida and Louisiana. -
The manager has made four appointments including two internal promotions.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The coverage is triggered on an ultimate net loss per-occurrence basis in France.
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Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.
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The pricing settled at 925 basis points, which is towards the lower end of the initial guidance of 900-975 basis points.
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Lidia has now largely dissipated after making landfall in Mexico.
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The fund is on course for its strongest year of returns since inception in 2014.
