Wildfire
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The RfP covers the CEA and/or the California Wildfire Fund. -
Insured loss estimates are not yet available.
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The insurer confirmed it would be targeting 77% of the original principal amount.
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The carrier has also lifted the effective coupon to 29.9%.
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The sponsor had initially sought $150mn of coverage last month.
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American Family had initially sought $150mn of coverage before scaling the bond to $175mn.
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The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
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The US peak peril cat bond has upsized to $325mn from an initial target of $200mn.
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High Point Re is Selective’s debut cat bond.
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All 50 US states and the District of Columbia are covered by the bond.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
