Everest Re
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Carriers are grappling with a rush of investor interest in longer-tail lines. -
Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The legacy cover will backstop policies written by its North American insurance business.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
