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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says. -
Cat events in 2017 and 2018 were a significant test of alternative capital.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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Pessimism around trapped capital is growing, but low reported losses may mitigate the issue.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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The Howden analytics arm finds that Covid-19 contributed $26bn of 2020’s $95bnn insured losses at the nine-month stage.
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The Atropos fund has delivered 6.29% yield and recorded gross inflows of over $140mn since the beginning of 2020.
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The event is the most costly wildfire loss to hit New Zealand in recent times.
