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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.