Secondary trading
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate. -
Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.
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The ETF format provides for publication of a daily NAV.
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The firm predicts 2024 will be a record year for primary issuance.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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DeCaro is one of the cohort of pioneering ILS managers.
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Spreads could continue widening throughout the rest of the year.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
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Drop-in capital has now largely left the cat bond market.
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A diverse investor base is among market characteristics seen as important for growth.
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All funds tracked returned a positive performance.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
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Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
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Lane Financial said that the cat bond market is suggesting that the early markdowns were an overreaction.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The casualty ILS platform said it now expects to do more secondary transactions.
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The broker-dealer said it would continue focusing on secondary trading activities.
