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The reinsurer is thought to be buying the ILW protection for its own account, sources said. -
Sources are expecting some $5bn-trigger second-event covers to pay out as a result of the Typhoon.
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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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Reconstruction in the ILS market continues, with ongoing concerns about investor sentiment, capacity growth and the impact of retro rates
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The lift in ILW pricing seen at mid-year has been unilateral across most products and was a further increase on the 2018 pricing correction following 2017 events, according to Aon.
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Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses.
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A day ago, cover that attached at $40bn was being offered at 15 percent rate on line.
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Discussions are now being held around ILWs triggering at $30bn or $40bn.
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The volcano cat bond is being structured so that will be open to investment from other ILS funds.
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The fund manager has previously raised capital via Bermuda share issuances under prior owners.
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Rising Jebi losses will contribute to a squeeze on capacity.
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Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.
