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Market conditions have begun to soften. -
The bond will cover named storms in the state of Florida.
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The group has also scaled back holdings with AlphaCat’s Soteria Fund.
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The mega bond has upsized to more than twice its initial target.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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The coverage will be parametric based on the central pressure of the storm.
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Modelling has taken a conservative approach over the last quarter of a century.
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The final pricing is as the top end of the recently updated estimate.
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Initially, the government sought $360mn of coverage.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The firm said it was poised to build on ‘significant growth’ in 2023.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
