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The ILS executive will head up structuring for the Americas. -
The challenger broker is continuing to build out its presence on the island.
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The hire has 20 years’ experience in asset management and corporate finance.
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The client lacked options in the conventional insurance market.
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He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
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The broker platform has managed nearly $100mn of capacity.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
