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The capital release was largely connected to 2019 side pockets. -
RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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Trading was brought forward this year and more cedants could head to bond market.
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The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The ratings agency said positive innovation efforts were partly offset by high dependency on retro.
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If Covid-19 is a slow-growing loss, fundraising may not come in through fast-access ILS routes.
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Reinsurers push back on aggregate exposure from cascading covers as market gets more differentiated.
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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders.
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Peak Capital will continue to focus on its flagship retro strategy as it develops fresh offerings.
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