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The bond will provide coverage up to 2026, extendable to 2029. -
The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
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The increased yield reflects the harder post-Ian market.
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The Lloyd’s insurer is seeking $100mn from its latest issuance, which features a narrower scope of coverage, as carriers prepare for a harder reinsurance renewal.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The company said it expects portfolio positions to reflect the updated figures soon.
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The bonds had been heavily marked down initially.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The California-based carrier specialises in personal lines cat cover.
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The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
