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The placement showed investor preference for slightly riskier aggregate deal. -
PoleStar Re Ltd 2026-1 includes three sub-layers, which run for a three-year term.
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The industry has continued to build and innovate through a third strong year of performance.
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Global insurance premiums reached an all-time high of $15.3bn by year end 2024.
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The sponsor is offering two notes but will only place one depending on market interest.
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Demand for top layer coverage may also need to be supported by underlying market growth.
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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005.
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The venture will launch in early 2026 and include captives, ART, cyber ILS and specialty (re)insurance elements.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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Competition on price from traditional markets is weighing on bond market momentum.
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The cedant’s current deal is due to mature at the end of January 2026.
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