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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors. -
The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
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The Swiss direct risk transfer platform will use the funds to help grow its team and develop products.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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The ILW-focused fund has continued expanding after generating 6.4% returns last year.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
