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The firm will focus on high-frequency, low-severity risks including personal and commercial auto, general liability, workers' compensation and professional lines. -
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There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The company believes the program management and legacy businesses would work better as standalone operations.
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The alternatives manager acquired retirement services firm Athene in January, ahead of its $2bn ADIP sidecar raise.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
