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The Florida insurance carrier has grown its book rapidly through acquisition. -
This year’s transaction from the TWIA is structured so that ILS funds can roll forward their investment from the 2020 deal.
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The catastrophe bond coverage will trigger on a parametric, per-occurrence basis.
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The Hestia Re catastrophe bond has twice dropped its pricing from the initial guidance range of 10.5%-11.5%.
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The catastrophe bond will provide protection for named storm, severe thunderstorm, winter storm or earthquake in eight northeastern states.
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Allstate disclosed a $211mn catastrophe loss in February based on nine separate events.
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The bond will provide coverage for earthquakes affecting the Republic of Chile and its budget.
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Investors have been experiencing inflows while new volumes in Q1 were lower than expected.
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The bond from the International Bank for Reconstruction and Development (IBRD) will provide coverage for quakes, including resulting tsunamis, to the Republic of Chile.
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The bond will trigger on a PCS weighted industry loss, annual aggregate basis.
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The pricing guidance on the catastrophe bond is now 10% below initial guidance.
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The new bond issuance attaches just short of $3bn, 35% higher than the $2.2bn on the last such issuance.
