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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year. -
Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The sidecar has been taking on more cyber risks in recent years, sources said.
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The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The vehicle was upsized by 20% from 2022.
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The sidecar has stepped down in size over the past three years.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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ILS strategies specialist Siti Dawson is moving from LGT ILS Partners.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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The bond includes two layers protecting against annual aggregate and occurrence losses.
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The bond is structured with dual annual aggregate and per-occurrence index triggers.
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Reinsurers have successfully pushed hard on T&Cs but, as capacity begins to fall into place, there are still many unanswered questions for this renewal.
