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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last. -
The “convenience claims” route to payout will be limited to claims up to $200,000.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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The executives will look to bring the company’s full suite of products to clients.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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ILS managers are still waiting for hard market growth.
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CatX said it is already working with institutional investors, including pension funds.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
