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Losses from Hurricane Milton are expected to affect only select junior structures. -
The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The ruling indicated it was unlikely all claims would be dismissed, as defendants had requested.
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The fund will invest in listed and private transactions.
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The start-up has secured BMA approval as it looks to a 1 January kick-off.
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The bond will provide aggregate coverage against named US storm.
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The loss figure has increased 200% from the initial number provided in October.
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This is the second time Fidelis has entered the cat bond market this year.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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Athena Re provides coverage against terrorism in France and its overseas territories.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
