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The bond will provide storm protection in Florida and South Carolina. -
Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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Investors want transparency from managers regarding the impacts of climate change.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The bond will offer retrocession coverage for Hannover Re.
