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The standards board set out its guidance for ILS managers seeking to isolate volatile assets in a memo published at the start of May.
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry. -
The recommendations include establishing side pockets as quickly as possible after an event, prominently disclosing side-pocket performance and being transparent on processes and fees.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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Sponsors want to know what the benefit will be to them, the broker said.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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The EU’s SFDR is the first major regulatory attempt to codify ESG disclosure requirements, and other regions are expected to introduce similar rules in the future.
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The firm is the first ILS platform to reveal that its funds have the new classification.
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Private-public partnerships can provide first-step survival financing if not a full solution for all companies.
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The government wants to ensure tax-neutral status is clear enough to attract ILS transactions.
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Underwriting results and ESG principles should be aligned and more information will be sought from counterparties, the ILS manager said.
