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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range. -
The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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The insurer confirmed it would be targeting 77% of the original principal amount.
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The carrier has also lifted the effective coupon to 29.9%.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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New and returning sponsors, diversifying European wind risks and early placement of US hurricane coverage all helped new issuance to smash market expectations.
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CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
