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Parent company Markel said the ILS manager’s performance was subject to a reporting lag. -
Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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California is the initial covered area but, following a reset, all US states will be covered.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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Various trends may work together to hold the cat markets up for longer than some had feared.
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The pricing fell 13.7% on the Class A notes and 6.5% on the Class B notes.
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ILS could benefit from focusing on the social aspect of ESG.
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State interference is likely to be required if an attack is large enough to trigger bonds now on the market, experts say.
