Catastrophe bonds
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The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
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The event could unpack issues around accumulation risk and cloud services.
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The EUR150mn bond provides windstorm coverage in France and Monaco.
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More than 30% of the fund's AuM is allocated to US windstorm-linked bonds.
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The fund follows an earlier climate change-focused ILS initiative from the firm.
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The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
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The bond will provide named storm coverage on a county-weighted industry-loss basis.
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The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x.
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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.