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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges. -
The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The facility will initially focus on US, Bermudian and European business.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The tropical cyclone is expected to be named Imelda.
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