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The interim CEO said this marks a new era for the utility firm.
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The deal settled at the low end of the revised spread guidance.
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The figure was net of reinsurance recoveries and connected to 15 events in the quarter.
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The firm has narrowed its price guidance range, suggesting a higher multiple. -
Reinsurance capacity has largely bounced back from an initial Covid-19 hit, but the ILS segment remains more disrupted.
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The two-tranche deal will provide US storm and Canadian quake cover.
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The carrier’s latest treaty offers $1.01bn of cover, down from $1.24bn last year.
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An influx of underwriting capacity will likely limit the extent to which reinsurance rates rise, the agency said.
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Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
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An active hurricane season could further amplify RoL increases, the investment bank warns.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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