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The listed mutual fund will be overseen by new recruit Niall MacGillivray. -
One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
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The reporting agency for industry loss triggers has been expanding territories and natural peril coverage over time.
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.
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There is little sign of retro demand returning after buyers cut back in January.
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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
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The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
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The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
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The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
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The manager says cedant demand is growing for larger transactions.
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The firm has seen interest in non-named storm covers after last year's derecho and other loss events.
