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The bond will cover named storms, North American earthquakes and European windstorms. -
The World Bank-backed deal is structured with a parametric trigger.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The coverage will be for named storm and quake.
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The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
