ILS
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Loss-hit issuances from Nationwide Mutual, Heritage and USAA all traded close to zero this month, among a recent flurry of activity on the secondary market.
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Initial guidance on the latest Residential Re transaction points to a spread well above comparable deals.
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The insurer predicted catastrophe claims of $381mn for March.
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AM Best has put the AmTrust subsidiary's financial strength rating under review with positive implications following the sale announcement.
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Early paying of premiums could draw in capital, panellists told a Trading Risk event.
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Traditional equity capital fell 5 percent to $488bn while ILS capital rose by 9 percent to reach $97bn.
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Review by outside counsel finds no bad faith in “exercising business judgment” -
The moves follow years of market malaise in the property sector.
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The collateralised capacity from Turing Re will support the reinsurer’s property treaty reinsurance portfolio.
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ILS Capital’s Libassi claims the end of the reinsurer’s fronting business will create a leaner ILS market.
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The executive took an advisory role when Axa XL bought out minority investors in the funds platform last year.
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The Latin America-focused syndicate avoided most of last year’s biggest catastrophes.
