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The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one. -
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The board of directors has voted for a 10% rate hike.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The reinsurer raised $84.5mn of third-party capital in the quarter.
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The firm has observed a “more widespread investor base” in cat bonds.
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Availability of ILS has so far fulfilled investor demand.
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Benefits of ILS smart contracts include transparency and tradeability.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
