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This brings the carrier’s total limit on the program to $1.8bn. -
The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The third-party capital manager is a new entrant to the retro space.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Bermuda-based team is led by John Fletcher.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Price guidance for the bond is 4.00%-4.50%.
