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The bond will cover named storms in five US states. -
Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The revision is significantly lower than the $4.5bn October estimate.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
