Sidecars
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The Cayman Islands entity raised $2.4mn last June.
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The Truist-owned cat MGA had reduced its line size to $50mn last year.
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The vehicle is 52% larger than it was at launch 3 years ago
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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The represents Golub Capital’s first insurance sidecar transaction.