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The shifts reflect wider cat bond market challenges and changeability. -
The carrier had earlier expanded its hoped-for range to $100mn-$125mn.
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The American Family bond will provide US wind, quake and wildfire cover.
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The index year-to-date loss was trimmed to 3.41% in October, from 4.28% in September.
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The bond has also expanded its range to target up to $125mn.
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The new fund launched earlier this year to invest in companies that are seeking to reduce their emissions.
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The target size of the issuance is less than half what the insurer achieved last June.
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The bond will provide coverage up to 2026, extendable to 2029.
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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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