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Casualty ILS made inroads, while hurricane hedging strategies came into focus. -
Initial spread guidance for the three-year bond is set at 425-500bps.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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Tyler left Gallagher Re earlier this year.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The firm will provide an update on 22 November to avoid holiday season.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The loss tally is considerably lower than estimates issued by model vendors.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
