Wildfire
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Brian Espie has been appointed as CUO having previously held the position of group head of North American reinsurance at Fidelis. -
The deal includes $65mn of Class B discounted notes which offer an effective coupon of 25%.
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The Class A notes on the latest deal are offering 250 bps more compared with a similar placement last March.
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The deal has secured $100mn of limit for insurer American Family, rather than pushing out to a $125mn top-end target.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
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The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.
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The American Family bond will provide US wind, quake and wildfire cover.
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The bond will provide coverage up to 2026, extendable to 2029.
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The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
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The increased yield reflects the harder post-Ian market.
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The cover will be triggered by territory-weighted annual aggregate industry loss.
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