ILWs
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”. -
The loss tally is considerably lower than estimates issued by model vendors.
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Reinsurers have held the line more strongly than last year but rising risks may offset gains.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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Rates for $40bn live cat trades have risen as the market has grown more wary of a significant loss, sources said.
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Fears of meaningful industry losses mount as storm intensifies and track shifts.
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The NFIP will bear the brunt of losses from Hurricane Barry, according to industry analysts.
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Nephila has also stopped buying ILW cover as the market of buyers shrinks.
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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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