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The Swiss pension fund has not disclosed an ILS allocation before. -
The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
