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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said. -
The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The bond will cover named storms in five US states.
