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The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%. -
The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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Stokes has been with Pillar for nearly four years.
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Only around EUR70mn-EUR140mn will fall to private insurers.
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The firm sees a "robust" pipeline of potential investors ahead of the renewals.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Michael Rich left the portfolio management role in May.
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Most of the losses derive from France.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The bond provides protection in France and its overseas territories.
