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The carrier failed to secure sufficient investor interest for the transaction.
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The Bermudian platform sources casualty reinsurance deals for hedge funds.
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The ILS fund manager’s parents makes hundreds of millions of dollars of capacity available.
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It is hoped the capital platform will be live in Q4 for investors to support 2021 capacity. -
Kara Owens said investors’ understanding of cyber insurance has evolved.
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The scheme’s main retrocession programme, the world’s biggest terrorism reinsurance placement, will likely increase from last year’s £2.3bn.
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The MGA is backed by (re)insurance capacity from Markel, through the carrier’s Nephila insurance-linked securities fund.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise.
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Nephila raised its $100mn target from the Stratosphere Re bond, which covers both personal and commercial property business.
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The World Bank's pandemic insurance bond covers the virus, and is designed to trigger if deaths impact multiple nations.
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The cutbacks could have withdrawn close to $1.5bn of limit from the market.
