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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps. -
The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The state carrier is seeking indemnity, per-occurrence coverage for named storm in Louisiana.
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It is the first issuance of the year by the Bermuda-based transformer vehicle.
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Year to date returns have reached 3.08%.
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The reinsurer is looking to raise in excess of $250mn from class A notes and a yet-undisclosed amount of class B notes.
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The carrier shifted retentions up and made use of multi-year contracts.
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The insurer has lowered the target pricing on the new deal as cat bond demand proves robust.
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The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
