Beazley
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The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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The 2024 winners were celebrated at The HAC in London on 27 June.
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The partnership will add more capacity on the platform from April.
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The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The pricing for the Class A notes has also adjusted to 1300bps.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The Smart Tracker Syndicate 5623 was established with the aim of delivering a ‘smart beta’ portfolio to investors.