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The ruling indicated it was unlikely all claims would be dismissed, as defendants had requested.
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The fund will invest in listed and private transactions.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The ILS manager has hit back at an attempt by the defendants to have the case dismissed.
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The start-up has secured BMA approval as it looks to a 1 January kick-off.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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The bond will provide aggregate coverage against named US storm.
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The bond is split into three tranches of notes.
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The loss figure has increased 200% from the initial number provided in October.
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This is the second time Fidelis has entered the cat bond market this year.
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The latest clutch of offerings indicates pricing discipline in the bond market.
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Other capacity supporting the syndicate is mostly individual Names, sources have said.