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Start-ups and incumbents are tapping up private equity firms for expansion plans as the market hardens. -
RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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The Covid-19 pandemic has caused greater turbulence in the Florida reinsurance market than Hurricane Irma, and two big questions will remain after the dust has settled.
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The Bermudian ILS fund was one of the supporting investors in a $123mn fundraise.
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The fund aims to provide relief to charities affected by the pandemic.
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If Covid-19 is a slow-growing loss, fundraising may not come in through fast-access ILS routes.
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The Zurich-based firm has focused on the cat bond space since launching almost two decades ago.
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The CEO stressed that ILS’ non-correlated nature makes it an attractive asset class in periods of financial instability.
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The ILS market is among the leaders in holding firm on exclusions.
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An analyst said the fundraise offered investors “a secure balance sheet” at an attractive valuation.
