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Military mutual insurer and insurance-linked securities (ILS) stalwart USAA has launched its 24th Residential Re catastrophe bond, which is targeting $150mn in annual aggregate cover, sister title Trading Risk has reported.
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Allstate has locked in a $439mn portion of its giant nationwide cat programme after purchasing a seven-year deal in the traditional reinsurance markets, further extending its existing multi-year strategy on its core placement.
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Foo heads to Swiss Re; CCR downgraded; Guenther launches advisory; Ascot hires; Capsicum Re hires; Brit lures Courchaine; Noul hits Philippines; Lockton raids THB; Third Point Re growth; Navigators GWP shrinks; AmTrust buys warranty firm; Integro buys energy specialist; Beazley's specialty push; Markel profits surge; Everest Re hires CUO; JLT Re recruits; Meadowbrook profits fall; RenaissanceRe beats; Ross row intensifies; Liiba CEO announced
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Sometimes we Insiders get too close to the action to see the bigger picture.
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The latest Everglades Re cat bond from Florida Citizens Property Insurance has moved towards the top of its revised pricing forecast range and upsized to $300mn from a $250mn target, sources told sister publication Trading Risk
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Competition among insurance-linked securities (ILS) fund managers is leading to increasingly innovative products that will help grow the market, according to Willis Capital Markets & Advisory (WCMA)
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Everest Re raised $60mn of capital for its sidecar Mt Logan Re at 1 April, expanding total assets under management (AuM) to $750mn, sister publication Trading Risk reported
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Hedge fund reinsurer Watford Re has reached its target of writing more than $400mn of gross premium in its first underwriting year since its inception last March.
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RenaissanceRe sidecar DaVinci Re Holdings is set to raise $150mn from a private debt offering of senior notes, which it said would be used to repay a $100mn loan from its sponsoring reinsurer.
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Towers Watson said that it remained positive on the reinsurance sector, but suggested that investors adjust their reinsurance allocation to be "moderately underweight" relative to their target exposure.
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Travelers has returned to the insurance-linked securities (ILS) market with a new $200mn Long Point Re III cat bond, sister publication Trading Risk reported last week.
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The Internal Revenue Service (IRS) and US Treasury have released proposed regulations on the taxation of offshore (re)insurers and requested feedback on how best to measure carriers' capital requirements.
