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The carrier can claim separately for the Palisades and Eaton fires if necessary. -
The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The carrier has received more than 3,600 claims from LA wildfires.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The strategy launched on 1 January, winning mandates from several investors
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
