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The issuance is a similar size to that of 2021 and significantly larger than that of 2020. -
Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The move comes amid limited availability of annual aggregate cover.
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CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The carrier is looking to raise annual aggregate protection from the new ILS deal.
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The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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