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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005. -
Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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The carrier attributed the results to a significant fall in major-loss expenditure.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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As the P&C market shifts, carriers are looking for growth from acquisitions.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The firm said this was due to planned returns of capital to ongoing investors.
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Total yield is down from 11.18% in the last week of October 2024.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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Competition on price from traditional markets is weighing on bond market momentum.
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
