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The average cat bond yield was 7.48 percent by year end as cat bond issuance picked up.
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Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National. -
The retro transaction priced below the target range, according to sources.
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The reinsurer is thought to be buying the ILW protection for its own account, sources said.
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Insurers ceded 52 percent of gross losses in 2018, an increase of 2.4 percent on the 2017 total.
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Sources are expecting some $5bn-trigger second-event covers to pay out as a result of the Typhoon.
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More than $2bn of reinsurance quotes have been placed on the platform, with ILS funds among the market participants.
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The (re)insurer had previously removed two tranches from the multi-peril transaction
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He will have a similar mandate at New York-based One William Street as he had at recently-sold hedge fund BlueMountain.
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The retro renewals are still in the calm-before-the storm phase but it seems that capacity limitations are set to open up more of a role for opportunistic players.
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The aggregator will provide loss data from earthquakes, floods and extratropical cyclones.
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Dan Bailey will join the intermediary's London office next month.
