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The Swiss-based team of Siglo has transferred to Cambridge Associates. -
The bond will provide multi-peril coverage in the US and District of Columbia.
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The former co-head of ILS at Schroders left the bank last month.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The single Class A note is paying a multiple of 2.1x.
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The Class A and Class B notes are paying lower multiples than initially guided.
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Magnani has served for more than 14 years in ILS broking roles.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Beazley returned with its second Fuchsia cat bond issuance.
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The bond will provide coverage for named storm across five US states.
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Former ILS investors who left the space have looked again and re-allocated.
