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The launch will mark the third follow-only syndicate in the works within the Lloyd’s market. -
This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The London market veteran holds several advisory positions and assists the UK government.
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The carrier retained more risk in the first layer of its programme.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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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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The London Matters report finds EC3 lost reinsurance market share between 2015 and 2018.
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The carrier will only issue the smaller of its two planned deals.
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Private equity is looking for opportunities to capitalise on the Covid-19 dislocation.
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Minimum standards will include full communicable diseases and wildfire exclusions, the ILS fund has said.
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The institution will make a net gain of $60mn on the transaction.
