Parametric
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Deals would need to be sized at $50mn plus for transfer to capital markets. -
Property MGA Arden Insurance Services specialises in multi-family habitations.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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The business offers parametric windstorm coverage.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The parametric structure would have paid out at slightly lower storm pressure.
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The bond has priced at the mid-point of guidance.
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The Class A notes are offering pricing in the range 850-950 basis points.
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The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The partnership seeks to serve corporates with captives, Lloyd’s syndicates and ILS funds.
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The launch is Chaucer’s first foray into the class.
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The broker has also appointed Charlie Liddle and Rowan Minhas to the team.
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NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The two parametric businesses will be brought together as the UK and German governments sell out.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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New York's Metropolitan Transportation Authority (MTA) has secured $100mn of limit to protect against storm surge from named storm events, up by 33% on its initial target of $75mn.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
