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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said. -
The Italian sponsor has $237mn of limit maturing this July.
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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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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The group reported an 89.7% combined ratio for the quarter.
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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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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
