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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection. -
The bond will provide coverage against named storm or severe thunderstorm over three years.
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The issuance is split across three tranches with varying degrees of risk.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The asset manager has hired Rom Aviv as head of ILS.
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The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
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The insurance discount margin is now at a similar level to where it was in the final week of March 2022.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Martin Bisping has moved to CRO and Bernard Bachmann was named CEO of SRILIM.
