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Spreads on all tranches of notes settled above the initially guided range. -
CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The management’s buyback acquisition brings an end to the two-year relationship.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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Longleaf Pine Re priced, while spreads on Everglades Re deal moved higher.
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Spreads could continue widening throughout the rest of the year.
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Cession ratios declined at three of the four publicly listed Floridians.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company plans to reduce its quota share to 20% from 40%.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
