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New deals have brought total year-to-date ILS volumes to $2.9bn, pointing to a shrinking of the market. -
Reinsurers are now in a competitive position in the ILS market, having narrowed a major market share deficit in the past five years through some large M&A deals and a few instances of significant organic growth.
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The Toronto-based firm will continue to be managed by its current team.
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Congresswoman Maxine Waters has proposed the new law to end lapses in National Flood Insurance Program coverage.
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Further M&A activity in the ILS market points to the likelihood that no single ownership model will prevail.
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The buyer spends $55mn on a 30 percent stake in the Chicago ILS fund manager.
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The ILS market faces a test to recover position as it loses market share to traditional players.
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With more than $4bn of assets under management, Elementum was the third-largest independent ILS firm left in the market.
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Scor chairman and CEO Denis Kessler said the Coriolis acquisition would help its ILS platform move into the top tier of the market.
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American Integrity Insurance and Safepoint have looked to tap the ILS market this week.
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The deal would bolster the reinsurer’s ILS assets under management by more than 60 percent to $2.1bn.
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The Akibare Re bond will pay out to Mitsui Sumitomo, sister publication Trading Risk revealed.
