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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund. -
The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The bond will offer retrocession coverage for Hannover Re.
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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
