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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York. -
Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.
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The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
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While funding under a World Bank loan agreement is expected to flow, the 2019 cat bond protecting the nation was not expected to be at risk.
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The ratings agency has proposed a significant change to how it assess insurers’ risk-based capital adequacy.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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The recruit was formerly a portfolio manager at Nephila Capital.
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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
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Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.
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The US earthquake bond is from a first-time corporate sponsor.
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