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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x. -
The deal is offering a multiplier of 6.6x on the expected loss.
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A degree of pricing volatility was evident in the market this week.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The firm’s P&C and life and health retro buying is being centralised.
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The bond has priced at the mid-point of guidance.
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The firm is the sole provider to offer index services in the US.
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The losses added 12.3 points to the firm's 100.4% CoR.
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The loss follows the pattern of 2002 and 2013 European flooding.
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The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
