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It had previously sought $100mn.
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The move comes amid limited availability of annual aggregate cover. -
The bank’s ILS team said they would favour remote, occurrence named peril structures to minimise increased climate exposure.
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The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
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The target firm deals in engineering, energy, P&C and specie.
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Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
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Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
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This is the first cat bond deal from the corporate sponsor, a logistics specialist.
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Spreads on the deal’s two reinsurance layers will be at the upper and lower end of coupons Allstate has offered on the cat bond market.
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Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
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