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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events. -
Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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The bond will provide coverage against named storm or severe thunderstorm over three years.
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The issuance is split across three tranches with varying degrees of risk.
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The prediction comes after a highly active hurricane season in 2024.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
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The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
