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Limited mid-year trading has continued but buyers have cut back.
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The Bermudian ILS manager closed some months ago.
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The bond will provide second-event US wind and quake cover. -
The bond’s spread has settled at the top of the (re)insurer's target range.
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Trading was brought forward this year and more cedants could head to bond market.
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The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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ILW volumes could grow by more than 25 percent in 2020 as reinsurers seek alternatives to indemnity retro cover, sources said.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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The carrier flagged that it has lower quota share and ILS support this year.
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The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
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