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The four-year deal is split across three tranches of notes. -
The final price fell 14% from the initial midpoint price offered by the sponsor.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The loss tally is considerably lower than estimates issued by model vendors.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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The pension scheme has been winding down its ILS portfolio in recent years.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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The deal would represent a diversifying auto risk deal.
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Redington provides services to UK pension funds, wealth managers and institutional investors.
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Pricing is expected to “stay neutral of soften” for January renewals.
