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The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US. -
The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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The listing builds on Hong Kong's pilot scheme for ILS, which has issued grants of up to HK$12mn ($1.5mn).
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The bond, which was renewed in January in its fourth deal, provides the bank with coverage for operational tail risks.
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The Florida carrier had twice dropped its pricing on the deal during the placement process.
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The two firms are partners of SageSure and have a footprint in south-eastern US states.
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The Class B notes upsized by $25mn to $175mn, while the higher-risk Class C zero-coupon notes were not placed.
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The CEA is offering higher multiples compared with past transactions in line with cat bond market conditions.
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The 2023-1 target limit is below the $330mn achieved last year.
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A trend for slightly riskier bonds has brought with it a rise in the absolute margin on offer.
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The reinsurer is seeking $100mn-$150mn of Class A coverage for named storm and quake across different regions.
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The Floridian has lowered pricing to 900-950bps in a second reduction.
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