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The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January. -
The carrier has updated the pricing guidance to 8.75%-9%.
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The bond will cover named storms in the state of Florida.
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Drop-in capital has now largely left the cat bond market.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The multi-peril coverage was due to expire in June 2026.
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The platform distributed ~$50mn to investors for 2023.
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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The carriers are seeking $130mn of Class C named storm coverage.
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The bond is Allied Trust’s debut issuance.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
