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ILS capital so far is viewed by sponsors as strategic rather than essential. -
The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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The early May forecast is driven by factors including the El Niño Southern Oscillation.
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State interference is likely to be required if an attack is large enough to trigger bonds now on the market, experts say.
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The consortium will offer up to $50mn of per-program capacity.
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The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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Stefan Sperlich will lead the new unit as managing director.
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Revenue, country and industry sector drive modelled output divergence.
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Some $415mn of capacity entered the market last year.
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The client lacked options in the conventional insurance market.
