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Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011. -
Sources warned some property XoL books are already running 50% loss ratios.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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The insurance industry has experienced mounting losses from severe convective storms.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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Both carriers have extensive reinsurance coverage.
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This year’s coverage will involve $2.94bn of new risk transfer.
