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The alternatives manager acquired retirement services firm Athene in January, ahead of its $2bn ADIP sidecar raise. -
The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The MGA is seeking to double premium from $1.5bn over the next four to five years.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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The WR Berkley vehicle takes a 30% share of its reinsurance placements.
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The insurance conglomerate initially committed $50mn to Elementum funds.
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The grant has so far supported cat bond issuances Kite Re and Greater Bay Re.
