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The organisation is preparing its reinsurance placement based on the increased exposure numbers. -
The bonds replace last year’s issuance and are bigger by 35%.
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The federal flood program will have $502.5mn of reinsurance cover for this year, after placing more than $1bn last year.
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Lane Financial said that the cat bond market is suggesting that the early markdowns were an overreaction.
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The low-risk group of funds outperformed the high-risk funds in the month and year.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The cat bond will pay out to Beazley if total claims arising from a cyber attack on its clients surpass $300mn.
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The transaction will provide coverage for Aetna’s commercial insured accident and health business.
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The deal includes $65mn of Class B discounted notes which offer an effective coupon of 25%.
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The notes covering a four-year period were listed on the Bermuda Stock Exchange.
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The Class A notes on the latest deal are offering 250 bps more compared with a similar placement last March.
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