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Reinsurers could use retained earnings to target growth and buy more retro. -
Cat bond market growth has exceeded broker-dealers' 2025 forecasts by some distance.
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The Italian asset manager also plans to relaunch its multi-strategy ILS fund.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn.
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The industry has continued to build and innovate through a third strong year of performance.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The note is paying a spread of 975bps, 11.3% below the midpoint of the initial guidance range.
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Man AHL Cat Bond Strategy has $1bn in assets, around 2% of Man AHL Partners’ total of $54bn.
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The TPA approach to investing was adopted by US pension fund Calpers last month.
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The total yield is down 162bps from 10.31% in the last week of November 2024.
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Migdal Insurance placed its debut cat bond Turris Re for $100mn of quake limit.
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There are various routes for ILS managers wanting to access the diversity of Lloyd’s underwriting.
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The European ETF launch has benefited from the performance of the Brookmont US cat bond ETF.
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The firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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One fund tracked by the index had a negative month.
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The fund held $10mn in AuM, with $3mn the minimum investment required.
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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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New catastrophe reinsurance Syndicate 2359 has an approved stamp capacity of £100mn.
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The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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On a nine month basis, fee income was up nearly 30% to $146mn.
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Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The ratings agency first indicated it would consider a new methodology in March.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The (re)insurer has a higher-than-average Jamaican market share.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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The ILS start-up was founded in January by Hanni Ali and Peter Dunlop.
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Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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The firm said this was due to planned returns of capital to ongoing investors.
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Cassis joins from Swiss Re, where she was a senior ILS structurer since February 2022.
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Brant Loucks is one of four promotions across the Capital Partnerships and reinsurance units.
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Total yield is down from 11.18% in the last week of October 2024.
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Widespread underinsurance and low exposures will limit losses.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Total gains for the year reached 7.71%.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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Operating revenues were also up on the $29.1mn reported over Q2.
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Third-party investors made a net income of $415mn in the quarter.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The carrier will continue to write assumed retro in Bermuda.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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Improved performance and growing investment returns played a role in the upgrade.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Charles Mixon joined the firm a year ago in a business development role.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The economic loss from the event was around EUR7.6bn.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Losses were primarily driven by personal property lines.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The trend for private credit in alternative asset management is “set to continue”.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The investment bank had stopped offering ILS services last September.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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This is the latest in a string of appointments made by the firm’s ILS unit.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The consultation period around UK ISPVs was opened in November last year.
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George Cantlay will also assume the additional position of president of the Bermuda business.
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The reinsurer returned $216.7mn to investors in Q2.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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He replaces Andrew Hughes, who held the role since 2021.
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