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The Class A notes priced well below the midpoint of initial guidance. -
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.
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The World Bank-backed deal is structured with a parametric trigger.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The coverage will be for named storm and quake.
