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Regulatory investigations can move at a snail’s pace.
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The new fund will invest 80 percent of its assets in ILS across various risks and regions.
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The legal action follows losses in share value resulting from regulatory probes into Markel Catco. -
The bond is the ILS market’s first terrorism cat bond since 2003.
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The size of the vehicle was not disclosed.
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Bernard Grzinic was promoted to oversee the ILS teams as well as credit and equity products.
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The reinsurer will write a line on any risk that Vermeer writes to ensure alignment of interest with PGGM.
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The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.
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PGGM is initially backing the rated reinsurer with $600mn to target remote US cat risk.
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The Leo Re vehicle was set up for the Dutch pension fund service provider PGGM, one of the largest institutional investors in ILS.
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This publication retraces the series of loss predictions made by the manager for its listed Reinsurance Opportunities Fund over the past year.
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Ordinary shares in the Markel Catco-managed fund slump more than 40 percent on news of the investigations and increased loss estimate.
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