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Cat bond funds continue to draw interest as private ILS more challenged. -
The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt.
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The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one.
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Sluggish progress on competitiveness means ILS deals are transacted elsewhere.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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Growth was driven by increased earnings and capital inflows.
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The broker said it expects strong ILS capital inflows to continue.
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The bond is offering a spread range of 950-1,050 basis points.
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The deal will boost the investment consultancy’s ILS capabilities.
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The US carrier abandoned the project due to high price expectations.
