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The carrier has priced the Class A tranche at 500 bps.
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The pricing guidance is now 550-575 basis points.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking to raise $100mn of coverage.
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The bond will provide parametric cover for earthquake and windstorms.
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Some $415mn of capacity entered the market last year.
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The bond will provide protection against Japanese flood and quake events.