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Pricing increased by 28% on the Class A notes and 22% on the Class B notes. -
The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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The Class A notes priced well below the midpoint of initial guidance.
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ILS returned 3.2% for the scheme in the first quarter.
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The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The carrier’s Armor Re deal upsized by 33%.
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The bond will cover named storms, North American earthquakes and European windstorms.
